A homeowner can use equity for a plethora of purposes if they have a reverse mortgage. You don’t even have to pay back the loan until you sell the home, relocate or pass away. Unfortunately, a reverse mortgage cannot be offered on a second or third mortgage; it is only available for a first mortgage – in the United States anyways. It is unusual for this alternative to be recommended

You can save five to six years of mortgage payments by making an extra payment every year. You only save a few thousand dollars/year on your taxes by writing off your mortgage interest. When it is time to file your income taxes, you only get to write off pennies on the dollar.

Instead of saving a couple thousand dollars in a year, you should consider this solution that would allow you to save a couple thousand dollars every month.