There is no “right” way to do retirement, except to enjoy it as much as you can, congratulate yourself on what you’ve achieved in life and be prepared to create and enjoy a better life for yourself and your family.

To do that, you should view retirement as a reward for decades of hard work, as well as an opportunity to do those things you’ve always wanted to do but never had the time.

You will, quite naturally, have concerns about many issues, and money is likely to be at the top of the list.

You might find that your retirement income – be it from a part or full pension, superannuation and/or other investments – won’t fully cover the retirement lifestyle you want.

However, if you own your home, you have retirement funding options that you may not have considered.

While many of life’s pleasures are free, the bills don’t go away once you stop working. You don’t have to watch the news to know the cost of living is rising – and for many products and services, well above the headline inflation rate.

On top of everyday costs, such as groceries and utility bills, you may need some extra income to fund home repairs or renovations, a new car, cover medical bills or aged care costs, and even to gift your family with a home deposit or help to pay the grandkids’ school fees.

Whether you are reliant on the Age Pension or don’t want to deplete your income producing assets, unlocking your home equity can provide access to income and capital to enhance your retirement funding and enable you to live your best retirement.

This can be done through the federal government’s Home Equity Access Scheme (HEAS) or a product such as a Household Loan offered by Household Capital.

The HEAS is a voluntary scheme for Australians of Age Pension age under which you can apply for non-taxable loan payments using your property as security.

The HEAS is available to you if you’re aged 67 or more and own your own home. You can be receiving a full or part pension, or a self-funded retiree. If you have with modest needs, such as a small amount of extra income or a lump sum payment to cover minor expenses, the low cost HEAS is a great option.

It pays fortnightly, just like the Age Pension, and the loan is secured against your property and the amount owing increases by your payment plus interest each fortnight. Regular repayments are not required. You only have to repay the loan when you move or sell.

The HEAS is administered by Services Australia and you can apply online through your MyGov account or a Centrelink online account. If you need help with your application, Pension Boost – an innovative home equity business that helps its customers access HEAS – can help you.

Household Capital offers a Household Loan that enables you to responsibly access a portion of your home’s value to meet your long-term retirement needs.  

If you need a higher level of income or capital for more substantial projects or expenses, a Household Loan offers the flexibility to borrow more for a range of purposes. 

Regular repayments are not required, freeing up your retirement income for the important things in life. The loan is paid once you move and/or sell the home. If you pass away, your estate has 12 months to sell the property.  

It’s important to note that Household Loan are strictly regulated by the National Consumer Credit Protection Act (2012), so you will never be forced out of your home. 

Are you wondering how much equity you could unlock? Use Household Capital’s Home Equity Calculator.

National Seniors Australia has partnered with Household Capital to help you maintain or improve your quality of retirement by unlocking some of the equity you have built up in your home.  

National Seniors and Household Capital have developed a free e-guide that explains how you can use your home equity to create a better retirement.