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Which is even better. They could take out equity release and spend what they borrowed.
by nly 4y ago
Which is even better. They could take out equity release and spend what they borrowed.
- jjav 4y agoBut of course if you refinance to take equity out, now you're back to having a monthly mortage payment again. If you do it today, it will be a high interest mortage. If you're over 65 (as OP mentioned) you're probably soon retiring, so this would be a very bad financial move.
- spaceman_2020 4y agoare reverse mortgage interest rates fixed or variable? If they are fixed, anyone who refinanced in 2021 when rates were dead cheap and prices were sky high made out like bandits
- jjav 4y agoA cash-out refinance (what people would most commonly do in this circumstance) is just a regular refinance, so terms could be anything a refinance can have. Usually fixed rate 30yr. A reverse mortgage is a different thing, IMO always a bad deal but I guess could be ok in some cases.