Asked anonymously

I have 10 years left on a 15 year mortgage, but am having a hard time paying it. Should I refinance for a 30 year so I can have a more manageable payment?

or should I take money out of my annuity to pay down my mortgage? I am 53yrs old. Thank you

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  Answers  |  3

May 14, 2015

I would suggest you do a 30 year loan and do your best to make the 15 year payment when you can. Be sure to find a lender that will pay your closing costs so you do not add to the mortgage balance.

$commenter.renderDisplayableName() | 05.26.17 @ 11:36

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June 01, 2016

Hi, Your situation is not that uncommon, and from the info you've provided, I'd definitely investigate refinancing. Still have to qualify based on income/debts/credit, but you'd be able to reduce your payment considerably. Given more details, I (or another lender) could certainly calculate your potential savings by opting for a new term. If you'd like more info, feel free to contact me through my profile, I write loans nationally. Thanks, Ted

$commenter.renderDisplayableName() | 05.26.17 @ 11:36

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June 14, 2016

Refinancing your existing mortgage into a longer term will undoubtedly lower the monthly obligation making it more affordable every single month, while still giving you the flexibility to pay additional toward the principle. The last thing that you want to do is get behind and/or miss a payment which will have a negative impact to your FICO score. In regards to cashing out a portion of your annuity to pay down the mortgage is generally a less favorable option. Not only are you cancelling out good debt (mortgage interest expense), but also you would be swapping a compound interest bearing asset for a simple interest liability. Need more clarification, speak to both a financial advisor and qualified mortgage professional in your area.

$commenter.renderDisplayableName() | 05.26.17 @ 11:36

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