• Question
  • How can you help me lower my mortgage payment and or lower my interest rate

    Asked by a 81 year old man from Phoenix, AZ on 6/22/2012

    How can you help me lower my mortgage payment and or lower my interest rate?

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  • Categories: Mortgage Refinancing, Housing

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • Housing and healthcare are the most costly expense for most retirees. Minimizing these expenses can enhance your retirement.

    If you qualify, refinancing your existing mortgage can lower your payments since interest rates are holding steady at all time lows.

    Find interest rates and lenders here: http://www.newretirement.com/Services/Mortgage_Refinancing_Calculator.aspx

    However, many retirees do not qualify for refinancing because they lack sufficient income. An alternative to refinancing might be a Reverse Mortgage.

    A Reverse Mortgage actually enables you to eliminate monthly mortgage payments for as long as you reside in your home. The debt becomes due when you leave the house -- and is usually paid off with the sale of your home.

    Estimate your qualification and loan amount here:
    https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

    Downsizing to a less expensive home can be another option.


  • Login to rate this answer:   Answered on 6/23/2012
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  • By refinancing you into another mortgage that has a lower interest rate. If you have enough equity, a Reverse Mortgage would eliminate your monthly mortgage payment obligation, as long as your home is your primary residence.

  • Login to rate this answer:   Answered on 7/10/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.