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Refinancing home w/current, low interest rates.

By Terry Savage on May 16, 2020 | Financial Planning / Retirement

We refinanced 2 or 3 yrs ago w/current mortgage holder as int. was 6%. Easy process, no fees, no appraisal, did everything on line and via USPO w/mort. co. Owe $75,000, 30yr. @ 4.25% now. Both retired, in late 70’s, on fixed income. Have been advised not to pay off and not to refiance if not planning to stay 2 yrs. We will unless health prevents it. Spouse doesn’t want to move to independent/assisted living. Just had to replace water heater and furnace + other things to fix that hubby can do. Advice?

Terry Says

First,since you’re both retired you will have a hard time refinancing. This is the moment to have a serious discussion about your entire financial situation. Maintaining this home is not going to get easier. You will have to spend more money. And if you live in Illinois, your property taxes are going UP! For sure!
Do you have an independent FIDUCIARY financial advisor to discuss your entire situation — whether to stay or go, how/if you will invest and withdraw money so you don’t run out, cost of Medicare and supplements, and an estate plan. If not go to www.Wealthramp.com to find a FIDUCIARY who will put your interests first and only charge a fully-disclosed fee. Or if you are in Chicago, send me an email at Terry@TerrySavage.com and I’ll give you a couple of names.

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