-Primary home equity is not reported on FAFSA and has no bearing on financial aid that is made available through FAFSA.
-There is no age limit for owning or being a beneficiary of a 529 account.
-Pre-tax earnings that are contributed to qualified retirement plans are reported on FAFSA and factor into financial aid calculations, but the assets in qualified retirement accounts are not considered.
-Move assets from FAFSA reportable accounts (CDs, savings accounts, stocks, etc.) to qualified retirement accounts that are not reported on FAFSA (traditional IRA, Roth IRA, etc.).
-Move income on a pre-tax basis into available employer-sponsored qualified retirement accounts (401(k), 403(b), etc.) where the income will not be a reportable FAFSA asset (as stated previously, the income must still be reported).
-Open a 529 account with yourself as the beneficiary. This will turn your money from assets that would have been reportable at the high FAFSA student assessment of 20% into assets that will be reportable at the lower FAFSA parent assessment of 5.6% (assuming that for FAFSA purposes you will be considered a dependent student).
Note that 529 contributions must be in cash, so if you need to liquidate stocks or other investments, you must consider any taxes that will be incurred from realizing capital gains. The same can also be said if you need cash to fund an IRA.