Question: I am 64 and my wife is 62. We both plant to retire in a few years and are expecting small monthly pensions to compliment our retirement savings. Should I buy a home for cash or continue to rent when we retire?
– Richard, Fairmont, West Virginia
Question: My wife and I recently paid off our mortgage and are now debt-free. Will we get any proof that we are the owners of our home?
– Timothy Aussem, Ottawa, Ill.
Question: I have kept up with my mortgage payments for a year now following a modification. My payment has been cut by a few hundred dollars and the remaining monthly balance is added to the principal balance. Will I be able to refinance under HARP even though my mortgage is not backed by Fannie Mae or Freddie Mac?
Question: I recently looked at mortgage refinancing and found that I can save several hundred dollars per month with a fairly straightforward refi. However, I currently have between 10-15% equity in the home and could potentially save another $100-200 per month by adding $15,000 in cash to cut the rate and trim the mortgage insurance. Is it worth giving up this liquidity for a lower payment?
Question: I do not carry any mortgages on two homes. I am in one of the higher tax brackets and have sufficient cash to protect my current lifestyle. With home mortgage interest rates as low as they are, should I take out a 15 year mortgage (at 3.3%) or 30 year mortgage (at 4.1%) — both with $350 closing costs and fees — and then invest those funds in very conservative investments to generate income to cover or exceed those rates?
– Mike Maier, Cincinnati, OH
Question: I am tempted to pay the $300,000 balance on my mortgage and live debt-free. How do I estimate the tax benefit of the interest paid on the mortgage?
– Gaurav Aggarwal, Andover, Mass.
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