Most people become emotional when their houses are talked about. They usually don't see their houses as assets that can possibly get them out of debt and provide for their retirement needs. Rather, they treat their houses as properties with much sentimental value. Do you see your house this way? If yes, you might want to think about your future again.
Consider reverse mortgages. No payments are due as long as you live in the house with a reverse mortgage. Your house will be sold when you leave it. The proceeds go to cover the loan, plus fees. One disadvantage of this option is high fees.
Consider sharing your house or renting it out. Got family members, relatives or friends who are interested to live in your area? Offer your house and ask them to contribute to the expenses. In fact, you can even earn extra if you rent out other rooms in your house.
Consider selling your house. Selling your house will give you instant funds for your retirement. You can use the extra money you'll get to buy a smaller living space for you and your family. Downsizing may be uncomfortable at first, but it's practical.