Home prices are high. Here's how owners can use that equity.

With home prices significantly elevated, owners have an appealing option to pursue: their home equity.

is only available for those homeowners 62 and older who have paid off all or most of their homes. But if you fall into both categories - and need extra funding - it may be worth pursuing. By going this route, owners can take out a portion of their equity to use as they see fit. This would qualify as tax-free income but would need to be repaid when the owner dies or when the home is sold.

But unlike a traditional mortgage or a HELOC, monthly payments toward the loan balance will not be required to be made by owners. With home prices elevated in many parts of the country, owners may have substantial sums of equity they can borrow, at lower interest rates than they could get with popular alternatives. Three of the best to research now are home equity loans, HELOCs and reverse mortgages. All can help owners make ends meet and pay for expenses and repairs.

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