refinance or what?
I am 65 and recently retired, bought my house in 1990 have refinanced twice and currently at 3.75 %. I currently owe around $75,000 0n mortgage.
I thought about refinancing on 15 year with extra 15-20,000 cash out to pay off car and unexpected medical and dental expenses. Auto lease is up and I owe around $14,000 on car. I have top credit rating. Does this make sense or should I just get auto loan and keep current mortgage. Taxes and insurance increases just raised my mortgage $300 per month. Probably looking to move out of Ill in next five years like many others. I look forward to your advice.
Terry Says
There are too many moving parts in this scenario for me to give you good advice. What I want to know is how you plan to pay all your bills now that you’re retired? Seriously. You must have a large monthly set of bills — and perhaps SS income. What else? With all that debt, I hope you have a good amount of savings. Did you know that Fidelity just estimated a woman retiree (single) today at age 65 will spend about $150,000 on uncovered medical expenses over her lifetime in retirement?
I highly recommend you seek out a trusted fee-only FIDUCIARY financial advisor who is not trying to sell you stuff, but will lay out a strategy so you don’t run out of money before you run out of time. Find one at www.Wealthramp.com. You can trust them.
