Refinancing at my age
Is there an age when a person should NOT refinance?
I know I’m not giving you a lot of information about my situation, but first would like to see this response.
Appreciate hearing you on WGN radio.
Regards.
Terry Says
You CAN”T refinance when you are retired, no matter what your investment income. They won’t do a mortgage (except a reverse mortgage) for a retiree. Other than that, if you can still show income from work then feel free to refi– no matter what your age.
I used to tell people to refi to a shorter mortgage to get it paid off by retirement. But today’s low mortgage rates are an unusual “gift” to borrowers from the Fed. So if you subsequently retire you might be glad to have a monthly payment at such a low rate if inflation returns and pushes other rates higher.
