DeniseM
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My DH is sick of the situation where he works, and wants to retire at the end of the year. (As you may recall, his boss cancelled our Christmas trip to Hawaii, 10 days before we were supposed to leave.) Things have gone downhill from there. They are laying off more people, which will make it nearly impossible for him to get away from work for scheduled vacations, and force him to work 10-12 hours a day - on salary.
We saw our tax man yesterday, and we talked about paying off our mortgage, before DH retires. He advised us to refinance instead and get a "Equity Line Loan." He stated that it would lower our interest rate to 2.5% and there would be no points. I asked him some questions, but I still don't understand how this would be an advantage for us? We don't need to take any cash out of our equity.
Our mortgage is our only debt, and we are on track to pay it off in 3 years, but DH would like to retire at the end of 2012. After we retire, we will probably sell our house, move out of the area, and downsize.
We saw our tax man yesterday, and we talked about paying off our mortgage, before DH retires. He advised us to refinance instead and get a "Equity Line Loan." He stated that it would lower our interest rate to 2.5% and there would be no points. I asked him some questions, but I still don't understand how this would be an advantage for us? We don't need to take any cash out of our equity.
Our mortgage is our only debt, and we are on track to pay it off in 3 years, but DH would like to retire at the end of 2012. After we retire, we will probably sell our house, move out of the area, and downsize.
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