AgentMortgage

Cut mortgage payment in half upon retirement

Best ways to use spare cash to your advantage

The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017

"I am 58 and just purchased the home in which my wife and I plan to spend the rest of our lives. We paid points to reduce the rate on a 30-year fixed-rate mortgage to 4.75 percent. I am feeling very insecure. The payment is affordable now, but I plan to retire in seven years and my income will drop. At that point, my property taxes will almost certainly be higher as well. I fear that when I retire, the mortgage payment will become a major strain on my finances. I would like to get it down to about half of what it is now. What is the best way to do that? I have free assets equal to about half the loan balance." Your free assets make it possible to eliminate your insecurity about a payment you can't afford. The issue is how best to use those assets. Paying Down the Balance and Refinancing: Using your free assets to pay down the balance of your existing mortgage would shorten the term but not reduce the payment. You would have to refinance to get the payment down, which wou...