Tip: Looking to your house for equity

Even with the hits the real estate market has taken, your house still might be your biggest asset. If you've ever wondered how much you can get in a reverse mortgage, a new online calculator will give you a quick answer.

The reverse mortgage calculator, along with others, can be found at NewRetirement.com. There's a link to the reverse mortgage calculator on the site's home page. The results do not include fees, but you can get a general idea of how much you will receive.

A reverse mortgage allows you to convert some equity in your home into cash either as a lump sum or in monthly, lifetime payouts. To qualify, you must be at least 62 and own your home free and clear or have a low mortgage balance.