Should you refinance in the decade before retirement?

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  • Northern Logan, UT
    Nov. 24, 2013 6:48 p.m.

    If your in your 60's with a couple of Mill and don't have your house paid off, then that Mill probably wasn't earned.

  • cpafred SALT LAKE CITY, UT
    Nov. 24, 2013 3:52 p.m.

    "By the time you are in your 60's, you shouldn't have a mortgage."

    Blanket statements like these are wrong. If I'm in my 60s and have a few million saved for retirement, there may very well be room in my portfolio for some low-interest long-term debt. The stock market has historically delivered better than 7% return, so borrowing at 3% and investing in blue chip stocks or an Index fund may very well suit wealthy investors.

  • toosmartforyou Farmington, UT
    Nov. 23, 2013 9:44 a.m.

    By the time you are in your 60's, you shouldn't have a mortgage. If you do, perhaps you have been making poor choices to keep up with the Jones's for decades, which are now coming home to roost. A very wise person once said "Get a modest home and get it paid for. Then if something happens your wife and children will have a roof over their heads." WISE advice.

    The other POOR practice is doing a reverse mortgage---give all you hard-earned house payments back because someone sweet-talked you into it. It ought to be illegal to prey on the elderly who suffer from the aging process and are easily pressured by "such a nice man."

  • carlyt ny, NY
    Nov. 23, 2013 4:54 a.m.

    If you are in your early sixties you should consider downsizing. It may make more sense than re-financing a home that may be too larger for your needs at this point in your life. I just read a great post about downsizing and posts on other options for those approaching retirement on the site Retirement And Good Living. Great site with information on many retirement topics and a blog of retirement related posts by guests from around the globe.