Much of an older adult's money may be tied up in their home in the form of equity that they have built up over the years. Some older adults may need to access this equity to have money to live on. There are ways to do this while you continue to live in your home. There are also options for selling your home and using only part of your equity to pay for a new place to live.
Seniors may decide to have a joint bank account with another person such as one of their adult children. They may decide to do this for convenience or as part of estate planning. In either case it is important to know the risks and benefits of joint bank accounts.