I am 67 years old, still working, but plan to retire when I am 70. I presently own my own home, with approximately

30 Year Fixed rate is @ 3.50%.....you should refinance a.s.a.p. That would give you a low fixed payment during your retirement years

Refinance into a new 30 year fixed rate mortgage. I recommend that you look for a loan option where you will have minimal lender/attorney fees - so no origination/discount charge and a lender credit of at about 1% of the loan amount. No point in adding to the balance to save a few extra $ a month. Depending on your credit you should still have rate well below 4% but your balance would not have increased much if at all. Payment should drop significantly. Good luck!

Or look into a reverse mortgage. No payments, (just your taxes and insurance). Before any lender can take an application HUD requires you take a counseling session so you know all the details. This is done by an independent HUD approved housing counselor so you won't get any sales pitch or pressure. It could the best option for you.

I would strongly recomend a reverse mortgage - I dont write them but there alot of good lenders in this sight.

An 80% conventional 30 year loan at about 4% will lower your payments quite a bit. Your future plans have no effect on your current income to debt ratio. A reverse mortgage would provide only about $62,000, so you would need to bring about $16,000 to closing.

A reverse mortgage would net about $62,000, so you would have to braing $16,000 to closing. Otherwise an 80% conventional is your best choice.

You should refinance this year to capture the low interest rates. I am assuming you have a good estimate in terms of what your monthly income will be once you retire. Most importantly, you need to feel comfortable with your monthly expenses.

A reverse mortgage would be nice, but based on your information, you would need to bring around $15,000 to closing. Then you would have no payments other than taxes or insurance. The other option is to refinance into a new 30-year loan, and streach out you payments to lower your monthly payment. Rates, even with low costs are currently below 4%.

If you could swing about 15k I would reccomend a reverse mortgage. Otherwise a 30 year fixed refinance. Good Luck!

You should really have a mortgage pro go over all your options, but based on your info refinancing now should save you some money. The payment can most likely be cut in half if you go with a new 30 year mortgage.