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I have one home that I am living in, but would like to sell when I can, because it is too big for me and the other home is currently being rented out. I have applied to refinance the rental at 4.5% for a 15 year loan to get house paid off to provide income for the future.
I just question the decision to keep the home because of the difficulty in keeping a good tenant as well as ongoing maintenance costs. I have to hire out to get things done since I am not handy.
I wont have that much in social security, but will have some other small income for the future. I cant sell the home now since the value has depreciated in our area and has not come back yet.
My current interest rate is high 6.75% as I bought it as a first home in 2006, and I owe 86,000 on it now. I do have a good tenant currently and my rental payments cover mortgage, tax and insurance..
My inclination is to refinance the home and keep it for the future, but I just want to opinions of others here.
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