• Question
  • Can I consolidate into one low interest bill

    Asked by a 71 year old man from Norwood, NC on 6/21/2012

    Can I consolidate into one low interest bill?

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  • Categories: Paying Off Debt, Retirement Planning

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • Limiting your debt and consolidating into the lowest interest rate possible is a good idea for your retirement finances.

    There are multiple ways of doing this.

    1) Debt can all get transferred to a low interest credit card.

    2) You can refinance your mortgage. Refinancing your mortgage can possibly permit you to access home equity to pay off other more expensive debt. Refinancing may also reduce your interest rate and therefore the amount you have to pay each month on your mortgage.

    http://www.newretirement.com/Services/Mortgage_Refinancing_Calculator.aspx

    3) A Reverse Mortgage is another way to consolidate debt. Reverse Mortgages are useful for non mortgage debt elimination purposes because, unlike other types of home mortgages, they entail no monthly payments against their balances. This enables retirees to use them to eliminate their existing debts without burdening themselves with additional monthly payments. In addition, Reverse Mortgages have entirely different qualification requirements than normal mortgages, making them especially attractive to retirees who are on a fixed income, or who may have bad credit ratings.
    https://www.newretirement.com/reverse-mortgage-marketplace.aspx

  • Login to rate this answer:   Answered on 6/23/2012
**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.