refinancing at our age — late 70s
We have a balance of $98,800.00 on our mortgage @ 4.5%. Should we refinance? I don’t want to add money to the current balance. Should I stick with the current bank that we have our mortgage with? We are in our late 70’s.
Thank you.
Terry Says
If you qualify to refinance based on retirement income, do it NOW! You don’t have to take a 30 year mortgage — but that might not be a bad idea! You’ll reduce payments for your lifetime, giving you more cash to spend on needs. When you die, or well the house, you’ll get your equity out.