Note: This article is courtesy of Iris.xyz
By George Guerin
Recently mortgage rates dropped to their lowest rates in history. At the moment, rates are sitting at an amazing 3.25% to 3.75% for a 30-year fixed mortgage.
For anyone still holding on to high-interest debt—including retirees—this is great news. Surprised to hear the word “retiree” in that statement? You’re not alone. Common wisdom has long held that retirement is not the time to rework debt, but today’s low-interest rates are anything but common, and in some cases they can be the welcome bearer of financial opportunity. That was certainly the case for Martha.
When Martha was widowed 10 years ago, she bought a townhome in a senior-citizen community that was closer to her son and grandkids. Just 58 years old at the time, she was still working and could easily afford her mortgage, car payment, and other expenses on her salary. When we met last week, however, we had some new challenges to tackle.