Refinance Strategy
My husband is 73 and I am 65. We are both still working full time (for as long as we can). We have been in our house over 25 years. Have refinanced a few times plus did a major remodeling about 10 years ago. Our current mortgage is at 4%. We have about $50K in credit card debt due to medical and family issues. We would like to refinance mortgage and roll credit card debt in. Since we are at retirement age, would it be better to go for a 30 year mortgage again, with lower payments, or just try to pay the whole thing off in 10-15 years. Thank you
Terry Says
Sure, at this stage of your life lock in a 30-year rate below 3%. If we have inflation again and rates rise, you will think you were very smart! The only problem will come if one of you dies and the other can’t maintain the home on one income or one SS check. But paying down credit card debt, likely costing you over 19% annually, is a very good idea. Just don’t charge up those cards again!
