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Should I Refinance Before I Retire?
Money SmartsJune 1, 2018
A pre-retirement refinance to a lower-interest mortgage is often a smart step to take. Here are just a few reasons to consider this kind of refinance before you retire:
Extra Cash Flow
By switching to a loan with a lower interest rate, you’ll find yourself with significant monthly savings that can help you live out the rest of your years in financial independence.
Retire Debt-Free
If you have more than a decade before retirement, refinancing a 30-year mortgage into a 15-year mortgage can allow you to retire completely debt-free.
Pay Off Other High-Interest Debts
For homeowners carrying high levels of credit card or other debt, refinancing to a lower-interest loan may be an easy way for them to come up with extra cash to pay off a high-interest balance. The Tranel Financial Group has qualified and licensed brokers who can work with you on creating a financial plan to pay off your debt.