I'm back with tons of questions on refinancing our home.

lostinny

LoanSafe Member
History - Husband 80 I'm 71. Both with health issues. Present mortgage with Rocket 3.99% 30 yrs. monthly payment $881 including escrow.
We owe $130000 on mortgage. According to zillow house is worth $230000. We plan to live here till we go to a better place. I'm researching what is out there for us to refinance and bring down our monthly mortgage payment, ready for when there is only one of us left to be able to afford to pay it. Our present Rocket mortgage has offered us a reduction of $100 a month with refinance.

We plan to spend the equity in our house and not worry about our kids all over the world. Some of them are itching to take over our beautiful house.

I'm researching what plan would be good for us.

I googled best refinance co and Amerisave came up. This is what they offered me.

1. 30yr fixed rate with $20.000 cash out monthly payment $907, closing costs $3800. That would be $20 more a month but we'd have $20.000 to spend.
2. 30yr @ 3.25% closing costs $3700 monthly payment of $795. No cashout.

I had considered a reverse mortgage but i have gone off of that idea now.

We both get social security pensions, and about $20000 in savings already.

We both need new cars but i'm thinking leasing them might be a good idea.

I'd appreciate very much your opinions on my case.
 

Jzone

LoanSafe Member
History - Husband 80 I'm 71. Both with health issues. Present mortgage with Rocket 3.99% 30 yrs. monthly payment $881 including escrow.
We owe $130000 on mortgage. According to zillow house is worth $230000. We plan to live here till we go to a better place. I'm researching what is out there for us to refinance and bring down our monthly mortgage payment, ready for when there is only one of us left to be able to afford to pay it. Our present Rocket mortgage has offered us a reduction of $100 a month with refinance.

We plan to spend the equity in our house and not worry about our kids all over the world. Some of them are itching to take over our beautiful house.

I'm researching what plan would be good for us.

I googled best refinance co and Amerisave came up. This is what they offered me.

1. 30yr fixed rate with $20.000 cash out monthly payment $907, closing costs $3800. That would be $20 more a month but we'd have $20.000 to spend.
2. 30yr @ 3.25% closing costs $3700 monthly payment of $795. No cashout.

I had considered a reverse mortgage but i have gone off of that idea now.

We both get social security pensions, and about $20000 in savings already.

We both need new cars but i'm thinking leasing them might be a good idea.

I'd appreciate very much your opinions on my case.
Is your current rate fixed at 3.99%? That's not really a bad rate, but there probably are some slightly better out there.
Why do you want to refinance? Couldnt you just sell the house, take the $100,000 in equity and buy a smaller home somewhere? Or even rent an apartment or house?

My biggest worry, considering your ages, is what happens to your house when both of you are gone?
Unless you have an arrangement with one of your children to assume the mortgage or they are a co signer, your home will probably be foreclosed on after your deaths.
 

JohnFL

LoanSafe Member
Maybe look into a reverse mortgage. They pay you monthly. Not sure if they are a good thing or not, but maybe something to look into.
 

lostinny

LoanSafe Member
Is your current rate fixed at 3.99%? That's not really a bad rate, but there probably are some slightly better out there.
Why do you want to refinance? Couldnt you just sell the house, take the $100,000 in equity and buy a smaller home somewhere? Or even rent an apartment or house?

My biggest worry, considering your ages, is what happens to your house when both of you are gone?
Unless you have an arrangement with one of your children to assume the mortgage or they are a co signer, your home will probably be foreclosed on after your deaths.
 

lostinny

LoanSafe Member
Yes fixed rate. I'd love to sell this house but hubby doesn't want to, We both love living here in the Smokey mountains, where we have great doctors. fresh food etc. Our wills are all set up very nicely, and we both intend to spend most of our hard earned money before we go. Loan companies, mortgage co's, aren't getting it. LOL And our kids can have whatever is left.
 
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