Shebudgets
Refinancing Your Home
If you get into a tight situation, you may be tempted to refinance your home. This is not a great idea, especially when you are approaching retirement. A house shouldn’t be looked at as an investment. It guarantees that you have a roof over your head and it’s a part of who you are as a family. Plus it’s something you can pass down to your children.
If you refinance and are unable to pay back the loan, you will lose your home and will have to pay for additional housing you may not be able to afford. There are alternatives designed just for seniors. It would be wise to consider your options.