Is it time to refinance? Run the numbers first

Some homeowners in their 50s are taking advantage of historic low rates to refinance their homes and score themselves a mortgage-free retirement. Mark and Jan Sass, 55-year-olds who live in Cincinnati, Ohio, refinanced their home last week to lock in lower rates, Reuters reported. They switched from a 20-year fixed-rate loan of 4.875 percent, with 12 years remaining, to 10-year mortgage with a 3.5 percent rate. “The opportunity to look 10 years out and know that — unless things change — we won’t have a mortgage when we retire looked like a smart decision,” Sass told the news agency….read more

 

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