As a senior, is your home equity really the “sacred cow” you have grown up to believe?

Besides falling, the number one fear for many seniors is not having enough money to pay their day-to-day living expenses as they grow older. For those who still own homes, likely 90% of your net worth is the equity in your house while investments, RRSPs and TFSAs will make up the last 1/10^th.  The fear is real - only 30% of seniors have some sort of pension plan to fall back on, and CPP/OAS pays only about $1200/mo.

I live in a neighborhood built in the early 90s.  Last year we replaced the roof at just under $10 grand, and this year we are looking at replacing our 25-year-old furnace at about $5 grand. Thankfully, our windows, kitchen, bathrooms, and basement had already been recently renovated by the previous owner because those are even more expensive undertakings!