Are you one of many homeowners who are having trouble making ends meet each month? Are all of your assets tied up in your home and you are living primarily on Social Security? Many Americans have found themselves in this situation and are using their homes to provide them with the extra income they need and deserve. Consider a few of the options listed below to give yourself more financial freedom and peace of mind:

Rent Out One or More Rooms- Especially if you live near a college town, a popular vacation destination, or a community that is currently experiencing a rapid increase in population, it will be very easy for you to secure a substantial monthly income by renting out a spare bedroom. The fear of a troublesome tenant or losing privacy is very real and should be taken very seriously. But, by using good judgment, thorough screening techniques, and securing a large deposit many problems can be avoided and the experience can be very fulfilling. A report by an associate professor, Deborah Altus, at the Kansas State University has found that seniors who have roommates ate and slept better, had higher activity and energy levels, and worried less about money and safety, they liked their homes more and followed the news more closely.

The National Shared Housing Resources Center of the AARP operates a home sharing programs in 200 communities throughout the U.S.

Move to a Less Expensive Home- Why not move to a smaller home or purchase a condo? You can bank a significant amount of the equity in your home and cut expenses at the same time. Imagine having less house and yard to clean and maintain, freeing up more time and money to travel or pursue other hobbies. If you are considering relocating to a smaller, more manageable home, .

Sell Your Home and Become a Renter- Renting can be an affordable, sensible option for those who want to remain independent but want somebody else to be responsible for the maintenance and repairs. Selling your home and renting can free up all the equity in your home for other needs as well. to discuss your options.

Get a Reverse Mortgage- If you want to remain in the family home and preserve some of the equity, you may want to consider a reverse mortgage. The concept is simple: you, the homeowner, trade some of the equity in your home in exchange for a monthly payment from a bank or other lender. The payment can be in the form of a lump sum, a monthly payment, or a line of credit that you can draw upon as needed. After your death, or the sale of your home, the lender is repaid (plus interest, of course). Whatever is left over goes to you or your heirs.

A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:

• all at once, in a single lump sum of cash;
• as a regular monthly cash advance;
• as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or as a combination of these payment methods.

No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older. (click here for more information on Reverse Mortgages)