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07-22-2011, 07:57 PM
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Mortgage Decision need opinion
I am a 62 year old married man not in top health. I am about to close soon on a refi-
my current mortgaghe is 5.91 22 years left 920.35 p and i I can go to a 15 year at 3.875 after paying down the principal by 7100 and finance 126900 at 3.875 for a payment of 930.73 plus 50 pmi or take a 30 year at 5.00 with lender paid pmi with a payment of 681. want to retire at 66 should I build equity with a 15 and retire down south or save the 250.00 per month and stay here As you said selling in 4 years could be a problem What would you do 15 or 30 Thanks jfl122 Last edited by jfl122 : 07-22-2011 at 08:04 PM. 
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07-23-2011, 09:01 AM
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What does your retirement income situation look like? I certainly wouldn't want to retire and still have a mortgage but it looks like you're going to have one no matter which way you go with this. If you plan to retire in 4 years, you should have a pretty good idea today of how much will be coming in. I'd use that as my guide to the refi. You want to make sure you have enough to cover the mortgage, taxes, maintenance and all of your other living expenses on whatever income you will have in 4 years.
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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