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.
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.