• Question
  • i just need a better rate on mortage, if it was 500.00 a month it would help so much

    Asked by a 75 year old woman from Barberton, OH on 8/14/2012

    i just need a better rate on mortage, if it was 500.00 a month it would help so much

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  • Categories: Housing, Tapping home equity

Answers

  • Editorial 


    NewRetirement

    San Francisco, CA

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  • To lower monthly mortgage rates, most people have three options:
    -- Mortgage refinancing
    -- Downsizing
    -- A Reverse Mortgage

    Each of these products has disadvantages and advantages. The product you choose may depend on your cash needs, the value of your home, your age, your time horizon and other factors.

    You can compare available refinancing rates here:
    -->http://www.newretirement.com/Services/Mortgage_Refinancing_Calculator.aspx

    Downsizing is selling your home and buying a less expensive one. It can often be the most efficient way to use your home equity for retirement.

    A Reverse Mortgage is a kind of loan that isn’t repaid until you leave your home. A Reverse Mortgage enables you to completely eliminate monthly mortgage payments. You will still have the debt, but the debt is not repaid until you die or leave your home and the debt is usually repaid with proceeds from the sale of the home.
    --> https://www.newretirement.com/reverse-mortgage-marketplace.aspx

  • Login to rate this answer:   Answered on 8/18/2012
**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.