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63 years old. Owned home 10 years. Will not live long enough to pay off or will not have the income stream to keep up total payments of $1200 per month. Should I refi for a lower monthly rate? If I can get rate down enough to lower payment substantially, I might be able to stay in home past retirement.
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Really need a lot more information to answer your question. It is possible you could refinance and get a lower payment, but I wouldn't be sure until I reviewed your complete information. Reverse mortgage is an option, depending on how much equity you have in your home.
This may be an opportunity to consider a Reverse Mortgage. You may have enough equity to pay off the existing loan which would eliminate having a mortgage payment. There would be no income/credit qualifyingrequired, and loan would not come due until you permanently moved from the home. NRMLA (National Reverse Mortgage Lenders Assoc.) - www.nrmla.org has a roster of Reverse Mortgage lenders in the PA area on their website, and you could learn about all aspects of the program.
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