I will be 63 this year and I still owe $157,820.22 for mortgage (not pay off amount) at 4.00% still have 12 more years to pay. I was forced to retire by employer so I’m using a small portion of my 401k/IRA for payments instead of social security. I do have money set up with my finance advisor and the only other large bill I have is a car payment. would it help me any to refinance to try to get a lower rate or just continue with current mortgage?

Terry Says:   Sad to say but I don’t think you will be able to refinance if you don’t have a steady income.  You might try, but I’m doubtful.  What you could — and should — do is try to find other employment, even if it is part time and not in your original career path.  You are relatively young now and surely could find a way to supplement your income — That will help you avoid withdrawing from your 40l(k) and maybe even let you pay down your current mortgage faster.  I’m going to bet that you financial advisor gave you the same advice!  At your age, the actuaries say you are likely to live another 25 years!  It is too soon to stop earning money.