The Center for Retirement Research at Boston College found that on average, U.S. homeowners between 65-75 had $125,000 in financial assets but 150,000 in equity. TheStreet staffer Jason Notte takes a look at housing inventory, the home equity market, and who is choosing to use equity.

Notte points out that 56% of millennials believe that their home's value has increased and 60% would use equity for a renovation. However, boomers have only recently began to free themselves of the recession's effect on equity and are slow touch this wealth:

Rick Huard, senior vice president for consumer lending product management at TD Bank, suggests that home equity lines of credit can be useful to retirees for paying health expenses or unforeseen housing expenses. He notes that a HELOC's most beneficial post-retirement use for Baby Boomers, however, is as an emergency fund.

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