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Should seniors use their home equity to pay bills? What experts say

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Seniors have the option of tapping into their home’s equity to cover the essentials, but should they?

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The red-hot housing market of the last few years has sent home prices upward. For homeowners, that’s been great, leading to sizable gains in home equity.

In fact, the average homeowner is currently sitting on about $300,000 in home equity right now. That’s equity you can tap with a home equity loan, home equity line of credit (HELOC) or reverse mortgage and use to make repairs to your home, pay off debt, cover your child’s tuition or achieve any other financial goal you might have.

Some homeowners — particularly seniors on limited incomes — might even consider using their home equity to pay household bills. Is this a smart move, though? 

Explore your home equity loan options and apply for pre-approval now.

Should seniors use their home equity to pay bills? What experts say

Here’s what experts have to say about whether it’s a good idea for seniors to use their home equity to pay their bills.

Yes, if you’re willing to sell your house

If you really want to use your home equity in the best way possible, selling the home and downsizing would be the way to go, says Jay Garvens, business development manager at Churchill Mortgage. This would allow you to cash in on that equity without adding extra debt to your life — and without incurring any interest or fees.

“Simply sell the house,” Garvens says. “Take the cash, and move to a more affordable community. You would then have enough money left over to pay your bills for the remainder of your retirement years.”

Compare the home equity borrowing choices you have today.

No, if you’re using a home equity loan or HELOC

If selling your home isn’t an option, you still may want to steer clear of using your equity — at least with a home equity loan or HELOC. These will only add an extra monthly payment to the problem, as well as interest costs. It can also start a cycle of debt that can be hard to get out of. 

“Generally speaking, it’s not advisable to pay any daily bills on borrowed money,” Garvens says. “When interest rates are high, as you can end up paying two to three times the cost of your household bills when you add in simple or compounding interest.”

It can also mean you’re taking away the opportunity to use equity later on — for your grandkids or that Florida summer home you’ve been eyeing, for example. To top it off, it’s only a short-term strategy, at least if paying your bills is truly a problem.

Bills never stop, but home equity has a limit,” Mark Charnet, financial advisor and founder of the American Prosperity Group, says.

Maybe, if you’re using a reverse mortgage

Reverse mortgages are a slightly different story, as they let you tap your equity without taking on a monthly payment. Instead, the lender makes payments to you — out of your equity, which you can then use how you like. You pay back the money if you sell your house, move out, or pass away. 

Still, reverse mortgages do come with interest charges, and they can deplete the inheritance you’re able to leave behind for loved ones. For this reason, it’s typically best to exhaust savings accounts, investments, and other resources before going this route for daily bill paying.

“If there are no other assets to access, a reverse mortgage can be a way to maintain retirement,” says David Orsolino, financial advisor at Strategies for Wealth. “This will allow for tax-free income and allow you to remain in the home.”

Maybe, if it’s an emergency

If you’re truly in an emergency and have no other way to pay your bills, it might be OK to use your home equity to cover them. Just make sure it’s your last resort after exhausting all other avenues (including considering selling the property), Orsolino says. 

“Home equity should be the last — or one of the last assets — to be used for retirement income,” Orsolino says. “It can be used as a backstop — as the last alternative. I would not recommend it for basic monthly expenses, at least not if there are other assets.”

The bottom line

If you’re having trouble paying bills regularly, you may want to speak to a financial planner or credit counselor. They can help you get on a budget, reduce costs, and ensure you stay on top of household expenses. They may also be able to recommend alternative ways to pay your bills without draining your home equity. 



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Pete Hegseth, Trump’s pick for defense secretary, was investigated for alleged sexual assault in 2017

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Monterey, Calif. – Pete Hegseth, the Army veteran turned Fox News host selected by President-elect Donald Trump to be defense secretary during his second term was investigated for an alleged sexual assault in 2017, Monterey, Calif. officials confirmed. 

In response to multiple public record requests to the city, including one from CBS News, officials released a public statement late Thursday evening about a 2017 police investigation into Hegseth. The statement form the City Manager’s Office and Monterey Police Department contained few details about the case and said they would not make any other public statements related to the investigation. 

The incident allegedly occurred somewhere between a minute before midnight on Oct. 7, 2017 and 7 a.m. on Oct. 8, 2017 at 1 Old Golf Course Road, the location of the Hyatt Regency Monterey Hotel. A police report was filed with Monterey Police Department three days later, on Oct. 12, 2024.

Pete Hegseth
Co-anchor Pete Hegseth is seen on “FOX & Friends” on Aug. 9, 2019 in New York City.

John Lamparski / Getty Images


Police did not disclose the name or age of the alleged victim but did describe the injuries as “Contusions” “right thigh.”

The statement said no weapons were involved. 

News of the sexual misconduct allegation was revealed on Thursday by Vanity Fair when the magazine reported that Trump’s incoming chief of staff, Susie Wiles, was briefed about the alleged sexual misconduct by Hegseth involving a woman, citing unnamed sources — one of whom reportedly said the incident took place in Monterey. 

The allegation prompted a discussion among Wiles, Trump’s legal team and Hegseth, who described the allegation as a consensual encounter and a classic case of he-said, she-said, the magazine reported. 

Timothy Parlatore, a former Trump lawyer who frequently represents current and former members of the U.S. military, told Vanity Fair: “This allegation was already investigated by the Monterey police department and they found no evidence for it.” 

Hegseth is a veteran of Iraq and Afghanistan with a handful of military medals, including two Bronze Stars, and has undergraduate and graduate degrees from Princeton and Harvard.

Since 2019, Hegseth has been married to his third wife, Fox News producer Jennifer Rauchet. The two were married at Trump’s National Gold Club in Colts Neck, New Jersey. 

Hegseth and his first wife, Meredith Schwarz, divorced in 2009. He and his second wife, Samantha Deering, divorced in 2017, the year he was investigated for the alleged sexual assault.

Disagreement over Hegseth’s qualifications

Following Trump’s Tuesday night announcement that he would nominate Hegseth to be his defense secretary, many have questioned whether the 44-year-old co-host of “Fox & Friends Weekends” can handle managing the Defense Department, which has a budget of $842 billion, almost three million employees and 750 military installations around the world.

“The Pentagon is in need of real reform, and they’re getting a leader who has grit to make it happen,” said Trump’s pick for national security adviser, Republican Rep. Mike Waltz of Florida, in a post on the social media platform X. Waltz is a former Army Green Beret colonel. 

Democratic Rep. Jason Crow of Colorado, who served in the Army’s elite 75th Ranger Regiment in Iraq and Afghanistan, said Hegseth was not “remotely qualified” to be defense secretary. 

“The SecDef [secretary of defense] makes life-and-death decisions daily that impact over 2 million troops around the globe. This is not an entry-level job for a TV commentator,” Crow said on X. “The Senate should do its job and deny this nomination.”

Hegseth’s controversial views

Hegseth is a longtime conservative and staunch Trump ally who has talked about changes Trump should make at the Pentagon.

He said the Joint Chiefs of Staff Chairman Gen. Charles Q. Brown should be fired for “pursuing the radical positions of left-wing politicians.”

And he believes women should not be in combat for the U.S. military, a point he reiterated last week in an interview with “The Shawn Ryan Show” podcast. 

Ahead of then President-elect Joe Biden’s inauguration in January 2021, The Associated Press reported that 12 U.S. National Guard members were removed from helping to secure the event after vetting by the U.S. military and FBI. The members made extremist statements in posts or text messages or had ties with right-wing militia groups. 

Hegseth revealed during his interview Shawn Ryan, a former Navy SEAL, that he was one of the National Guard members removed from securing the inauguration.



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Pete Hegseth, Trump’s pick for defense secretary, was investigated for alleged sexual assault in 2017

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Monterey, Calif. – Pete Hegseth, the Army veteran turned Fox News host selected by President-elect Donald Trump to be defense secretary during his second term was investigated for an alleged sexual assault in 2017, Monterey, Calif. officials confirmed. 

In response to multiple public record requests to the city, including one from CBS News, officials released a public statement late Thursday evening about a 2017 police investigation into Hegseth. The statement form the City Manager’s Office and Monterey Police Department contained few details about the case and said they would not make any other public statements related to the investigation. 

The incident allegedly occurred somewhere between a minute before midnight on Oct. 7, 2017 and 7 a.m. on Oct. 8, 2017 at 1 Old Golf Course Road, the location of the Hyatt Regency Monterey Hotel. A police report was filed with Monterey Police Department three days later, on Oct. 12, 2024.

Pete Hegseth
Co-anchor Pete Hegseth is seen on “FOX & Friends” on Aug. 9, 2019 in New York City.

John Lamparski / Getty Images


Police did not disclose the name or age of the alleged victim but did describe the injuries as “Contusions” “right thigh.”

The statement said no weapons were involved. 

News of the sexual misconduct allegation was revealed on Thursday by Vanity Fair when the magazine reported that Trump’s incoming chief of staff, Susie Wiles, was briefed about the alleged sexual misconduct by Hegseth involving a woman, citing unnamed sources — one of whom reportedly said the incident took place in Monterey. 

The allegation prompted a discussion among Wiles, Trump’s legal team and Hegseth, who described the allegation as a consensual encounter and a classic case of he-said, she-said, the magazine reported. 

Timothy Parlatore, a former Trump lawyer who frequently represents current and former members of the U.S. military, told Vanity Fair: “This allegation was already investigated by the Monterey police department and they found no evidence for it.” 

Hegseth is a veteran of Iraq and Afghanistan with a handful of military medals, including two Bronze Stars, and has undergraduate and graduate degrees from Princeton and Harvard.

Since 2019, Hegseth has been married to his third wife, Fox News producer Jennifer Rauchet. The two were married at Trump’s National Gold Club in Colts Neck, New Jersey. 

Hegseth and his first wife, Meredith Schwarz, divorced in 2009. He and his second wife, Samantha Deering, divorced in 2017, the year he was investigated for the alleged sexual assault.

Disagreement over Hegseth’s qualifications

Following Trump’s Tuesday night announcement that he would nominate Hegseth to be his defense secretary, many have questioned whether the 44-year-old co-host of “Fox & Friends Weekends” can handle managing the Defense Department, which has a budget of $842 billion, almost three million employees and 750 military installations around the world.

“The Pentagon is in need of real reform, and they’re getting a leader who has grit to make it happen,” said Trump’s pick for national security adviser, Republican Rep. Mike Waltz of Florida, in a post on the social media platform X. Waltz is a former Army Green Beret colonel. 

Democratic Rep. Jason Crow of Colorado, who served in the Army’s elite 75th Ranger Regiment in Iraq and Afghanistan, said Hegseth was not “remotely qualified” to be defense secretary. 

“The SecDef [secretary of defense] makes life-and-death decisions daily that impact over 2 million troops around the globe. This is not an entry-level job for a TV commentator,” Crow said on X. “The Senate should do its job and deny this nomination.”

Hegseth’s controversial views

Hegseth is a longtime conservative and staunch Trump ally who has talked about changes Trump should make at the Pentagon.

He said the Joint Chiefs of Staff Chairman Gen. Charles Q. Brown should be fired for “pursuing the radical positions of left-wing politicians.”

And he believes women should not be in combat for the U.S. military, a point he reiterated last week in an interview with “The Shawn Ryan Show” podcast. 

Ahead of then President-elect Joe Biden’s inauguration in January 2021, The Associated Press reported that 12 U.S. National Guard members were removed from helping to secure the event after vetting by the U.S. military and FBI. The members made extremist statements in posts or text messages or had ties with right-wing militia groups. 

Hegseth revealed during his interview Shawn Ryan, a former Navy SEAL, that he was one of the National Guard members removed from securing the inauguration.



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Mysterious far side of the moon once had erupting volcanoes, lunar soil retrieved by Chinese spacecraft confirms

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Volcanoes were erupting on the mysterious far side of the moon billions of years ago just like on the side that we can see, new research confirms.

Researchers analyzed lunar soil brought back by China’s Chang’e-6, the first spacecraft to return with a haul of rocks and dirt from the little-explored far side.

Two separate teams found fragments of volcanic rock that were about 2.8 billion years old. One piece was even more ancient, dating back to 4.2 billion years.

“To obtain a sample from this area is really important because it’s an area that otherwise we have no data for,” said Christopher Hamilton, a planetary volcano expert at the University of Arizona who was not involved with the research.

Scientists know there were active volcanoes on the near side, the part of the moon seen from Earth, dating back to a similar time frame. Previous studies, including data from NASA’s Lunar Reconnaissance Orbiter, suggested the far side might also have a volcanic past. The first samples from that region facing away from Earth confirm an active history.

Moon Volcanoes
This China National Space Administration (CNSA) handout image released by Xinhua News Agency, shows the lander-ascender combination of Chang’e-6 probe taken by a mini rover after it landed on the moon surface, June 4, 2024.

/ AP


The results were published Friday in the journal Science.

China has launched several spacecraft to the moon. In 2020, the Chang’e-5 spacecraft returned moon rocks from the near side, the first since those collected by NASA’s Apollo astronauts and Soviet Union spacecraft in the 1970s. The Chang’e-4 spacecraft became the first to visit the moon’s far side in 2019.

The moon’s far side is pockmarked by craters and has fewer of the near side’s flat, dark plains carved by lava flows. Why the two halves are so different remains a mystery, said study co-author Qiu-Li Li from the Chinese Academy of Sciences.

Li said the new findings reveal over 1 billion years of volcanic eruptions on the lunar far side. Future research will determine how the activity lasted so long.

China’s moon program is part of a growing rivalry with the U.S. — still the leader in space exploration — and others, including Japan and India. China launched a three-member crew on its own space station orbiting the Earth, and it aims to put astronauts on the moon by 2030. More Chinese lunar probe missions are planned over the next four years. 

NASA plans its first piloted Artemis mission late next year, launching three NASA astronauts and a Canadian flyer on a looping voyage around the moon and back to test the agency’s Orion crew transport ship.

contributed to this report.



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