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.
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."
"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.
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.