Nevada Home Equity Loan

Loss of home equity downsizes retirement for many

Trigili bought his home three years ago for $350,000. At the time, he thought it was a good deal, because the home originally was priced at $450,000. Today, it's valued at $184,000.

Trigili made a large down payment when he bought the home, so he doesn't owe more on his mortgage than the home is worth. But his plans to sell his home and use the proceeds for retirement income have been placed on indefinite hold.

"We're pretty much stuck here," Trigili says. "Now, I don't look at retirement at all. I'd like to work as long as I can."

Nearly 32% of adults over age 50 say their home has declined substantially in value over the past three years, according to a survey by AARP. Many won't recover those losses by the time they reach retirement age, says Jay Butler, associate professor of real estate at the W.P. Carey School of Business at Arizona State University .

"Nobody sees rapid appreciation in home values over the next 10 years," he says. As a result, he adds, "A lot of folks will postpone retirement."

Declining home equity is a problem that not only can force would-be retirees to keep working, it can complicate their eventual retirement in a range of ways. Many retirees, for example, have long counted on the proceeds from the sale of their homes to help fund health-care costs and long-term care expenses that they'll inevitably face.

Such concerns have led Gary Pagliaro, 58, of Stratford, Conn., to think he might have to work longer than expected.

Pagliaro had planned to retire at 62, sell his home and buy another in the Southwest, where the cost of living is lower than in the Northeast. When he made those plans, his home was valued at $325,000 to $350,000. Now, he thinks he'd be lucky to sell it for $225,000.

Pagliaro, an accountant, says he and his wife, Elizabeth, had hoped to buy a single-family home in Arizona or Nevada, but now they're considering buying a condo instead. And unless their home's value rebounds, he may work longer before relocating to the Southwest.

"Depending on what happens over the next four years, I might have to rethink the 62 retirement age," he says.

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