I'm looking for some advice for my parents.

My father is 72 and my mother is 65. They're old-school Italian and have lived in the same house for many years. They're both collecting Social Security. My father is self-employed, has no pension or retirement savings, and still works about four days a week. My mother is retired and doesn't work.

Their home is worth around $800,000, and they owe about $100,000 on a refinanced mortgage. Property taxes are approximately $8,000 per year.

My father is getting to the point where working four days a week is becoming difficult. Ideally, he'd like to cut back to two days a week or retire completely, but without his income they're concerned about their finances.

Their first thought was to sell the house, buy a smaller home in a 55+ adult community, and use the equity to help fund retirement.

My question is: Are there other options that would allow them to stay in their current home while using some of the equity they've built?

For example:

• Is a reverse mortgage worth considering, or are there too many downsides?
• Would a home equity loan or HELOC make sense at their age?
• Are there programs that can help seniors with property taxes or mortgage payments?
• Should they consider refinancing again, or is that usually a bad idea at this stage?
• Are there other strategies that people in a similar situation have used successfully?

I'd love to hear from anyone who has been through something similar or has experience helping aging parents make this decision. Thanks in advance for any advice.