Is refinancing your home after the age of 60 worth it?

Status: Open
Oct 12, 2021 Views3,962 Answer a Question

About 1 year ago
It all depends on the situation of the homeowner. There are too many variables to say yes or no without more information.
About 2 years ago
In my opinion, Yes, if you're really struggling financially. There is help for struggling senior citizens. Most lenders now have really cool programs for senior citizens that will allow them to refinance their home or take the equity out and have no monthly mortgage payments. I think it's definitely worth speaking with a coupe of mortgage brokers to get a better understanding of your options as a senior citizen.

About 2 years ago
There are many reasons that it could be a very good decision. If your current mortgage has a higher interest rate than what you can get now, and especially if you can refi to a shorter term and save even more in interest. But if you are thinking of moving in the next couple years, the cost of the new loan wont make as much sense. Good luck!
About 2 years ago
Depends on your ability to repay the loan and long term strategy.
About 2 years ago
The answer to this question is dependent upon your long term financial goals and what you want to accomplish as part of your overall retirement portfolio. A financial planner who specializes in retirement planning will be your best resource for guiding you through the process of repositioning your wealth so that your money is earning its maximum potential as you head into retirement.
About 2 years ago
Refinancing is usually a choice made to reduce rates, or take equity out of your home. There may be interest to consider reverse mortgages if you are 65 year old.
About 2 years ago
As a Realtor and also a CPA, I recommend you first ask yourself, what you would like to accomplish with that? What are your goals?
The answer in my opinion is if you can obtain a lower rate and the numbers make sense and you plan to stay in your home for an extended period of time, definitely!

Also, my two cents on a reverse mortgage, I mostly never recommend anyone to do one. There may be very particular circumstances when it may be a good idea, but I would always try and advise to stay away from that strategy if you can.
About 2 years ago
If the cost of refinancing the mortgage reduces your monthly payments significantly, then the answer is YES. Since most of us will retire without enough income to support our living standards that we were used to when working.


Abbas Naqvi
Realm Properties, LLC
281-235-4582
https://www.har.com/abbas-naqvi/agent_naqvia
About 2 years ago
I invite you to take a look at a Reverse Mortgage. I had a family member use her product to downsize and walked into a new home without a mortgage going into their retirement years. She has a product that you can look into where you can stay in your current home and not have a mortgage payment in your "retirement" years. I copied this from her website: A Fresh Perspective on Financing
Most Americans looking for some sort of financing seek “traditional” tools like mortgages, home equity loans, personal loans, car loans and credit cards. But — if you’re 62 or older, you have access to special financing that can better suit your needs now and in the future: It’s called a Home Equity Conversion Mortgage (HECM).

Whether you’re retired, about to retire, working part-time or still working — this is a versatile tool to help you retire smart! You can better manage your monthly cash flow with its unique flexible payment feature; set up a “standby” line of credit to help fund unforeseen expenses; and/or consolidate debts such as high-interest credit cards, car loans and personal loans into one loan that reduces your monthly bills.

Call me today and see why HECMs are a loan for life.

Vicki Cheairs
HECM Loan Specialist, NMLS #543256
Call 281-855-1122
source:
<a href="https://local.reversefunding.com/vicki-cheairs?fbclid=IwAR3ZxBCfyh0Cq0b8romIohRfx64Il8E1LEZ7QfnYJPIawmM66Q7rSo6XJyU" target="_new">https://lo...
About 2 years ago
Your CPA is the person to answer this question. There are too many variables for a single answer. You might find your home has appreciated greatly in value or might with just a few impactful upgrades. Prices are sky high. You might find that selling the home and moving to a plus 55 housing neighborhood is an option. You might find a reverse mortgage works better. You might consider a small second home or condo or one condo where you are now plus one where you would like to be and rent it out when you are not there to be better investment. Start with the CPA.
About 2 years ago
A lot of people do it especially if you do a 15 year one with lower interest rate
About 2 years ago
If you want to downsize and need the money it is a good idea. Yes
source:
Google
About 2 years ago
Yes, It depends on your goals. You can refinance to 10, 15,20, 25, or 30 year. Some borrowers want to pull out equity to consolidate debt or do home repairs or updates. If the rates are lower you will still save money no matter your age.
About 2 years ago
Depends on the customers goal, but there are some great options. 1, If they are paying a high interest rate refinancing could be beneficial. 2, HELOC is another great option. 3, And there is always the reverse mortgage where the minimum age is 55. Finding the right mortgage company is also huge when it comes to saving money and getting the best rates that benefit your customers in utilizing their home as an asset. I hope this helps.
About 2 years ago
There’s lots of variables, but I lower monthly payment means less out-of-pocket
About 2 years ago
Definitely recommend speaking with a mortgage professional. Depends on your rate, the savings, your goals, and how long you intend on staying in the home.
About 2 years ago
It could,depending on you balance and you interest rate already. And also what's your purpose?
About 2 years ago
It can be worth it at 60 if there’s a clear financial plan.
If your current interest rate on the home is at least 2 points over the current market rate you can save.
Keep In mind the cost to refinance is like a new loan.
You can pay these expenses out of pocket at closing or roll the cost into the mortgage principle amount.
Second if you have a 30 year mortgage and have paid some years down you can consider refinancing into a 15 year which will decrease the rate even more. However; depends on the current principle balance the 15 year monthly payment can be higher. Third, if you are considering equity cash out, its a loan which will be added to the current principle amount. Depending on the principle balance and the equity borrowed, adding to the principle will offset the savings from the reduced interest rate.

All the best,

Joe Ann Green, Broker
source:
From personal experience. Also, See www.HUD.gov for more information and local HUD counselors on refinance and your homes equity.
About 2 years ago
IF you want to downsizing to a smaller and more manageable home can make perfect sense for refinancing if you need the income.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
Advertisement
Find a Local Expert Real Estate Agent in your Area
Start your real estate search the right way by finding the best agent to work with in your area.

Related Questions