Mortgage and HELOC - combine?
I am trying to help my mother make some financial decisions.
She currently owes about 150k on her mortgage and 50k additionally on her variable rate HELOC. The property is valued at about 500k.
She is nearing retirement, and does not have any savings.
She plans to rely on social security and income from her business.
What is the best thing to do with the loans?
Combine the mortgage and HELOC to be included in one monthly payment?
Convert the HELOC to a fixed-rate loan?
Is this a good time to be doing this in terms of rates?
Both the mortgage and the HELOC are from WAMU. I suspect that there are better products out there. Any suggestions?
Thanks
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