If you are a senior and are retired—or about to be—you may wonder if it would be a good idea to refinance your home. Doing so could lower your monthly payments and free up more of your retirement income to enable you to live more comfortably.
While getting a home refinance could benefit your financial situation, there are some things you need to know beforehand. They will help you make a more informed decision so there are no regrets later.
Bankrate gives some guidelines to help you determine if refinancing your primary residence is a good idea. First, it says that if you are going to refinance, you want to get lower refinance rates than the rate you have now….