Posted on: 14th Oct, 2010 11:55 am
We intend to both retire in approx 1 year. My husband gets pension+SS+ part time income and I work full time and draw SS spousal benefit. We refinanced our condo in 2002 at 5.5%, scheduled to be pd off Nov 2017. Currently owe $98K on princ plus $32K on HELOC. We're concerned we won't be able to continue with higher pmt once we are both retired and income is reduced, so we're talking about combining both into 30 yr loan at 4.5%. Condos here have held value, last selling for $400K. I panicked when I saw we'd pay $242K over 30 yrs vs what we'd pay with current loan+HELOC. How does one evaluate the info to make an intelligent decision to take on a 30 yr mort at this point?
100% I would suggest refinancing now but, I would also do some more shopping. In this rate environment, you can find some very competitive offers. Unless your credit is in the low to mid 600's, you can acheive a better rate. Good Luck!