alpinegroove
Joined: 30 Mar 2008
Posts: 1
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 Posted:
Sun Mar 30, 2008 7:29 pm Post subject:
Mortgage / Line of Crdit - Combine? |
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I am trying to help my mother make some financial decisions.
She is 65, currently pays mortgage on her condo, and has line of credit. She would like to stay in the condo for the rest of her life.
She does not have any savings for retirement and plans to rely on social security and income from her business.
How would you suggest dealing with the debt? Consolidate everything into one mortgage? Convert the HELOC into a fixed-rate loan?
Any other suggestions?
I could help her with closing costs if it will save money in the long run.
The condo is valued at about 500k
Mortgage
Loan Type: Conventional Residential without MI
Principle Balance: $150,398
Maturity Date: 7/1/2029
Current Interest Rate 6.326%
ARM Margin: 2.00%
ARM Index Rate: 4.33%
ARM Index Name: MONTHLY AVG OF 1 YR US TREASUR
Home Equity Line of Credit:
Account Type: Home Equity Loan
Principle Balance: $44,361.46
Maturity Date: 1/1/2099
Interest Rate: 7.09 %
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