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 %

Let me save you some trouble, because to salve my loan problems I made a lot of bad decisions. Finally I got a site called editmyloan from which at first took advice and then they provided with second loan. Thing is they are legit and one way or another you will get some service.

I strongly feel that consolidating your loan in 1 mortgage will be the best choice for you. You might even get out of debt faster and save money along the way. You can get the benefits of:

• Lowered monthly payments
• Reduced or eliminated interest rates
• Eliminated late fees

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