Refinancing for seniors
Should a retired senior on a fixed income consider refinancing a 4% mortgage or pay down the mortgage instead.
Terry Says
There’s a lot involved in that question. First, most lenders won’t refi a mortgage for a retired person on a fixed income. They rely on “earned income” — or charge a much higher rate. So I truly doubt you could get a lower rate, even if you could refi.
It’s a good feeling to pay down your mortgage, but don’t give up all your cash liquidity to do it at one time. You might need the cash for emergencies. So a lot of this answer depends on your entire financial picture.
