We are OK on our mortgage right now, but there was a point there when we were almost upside down. It was getting close. We downsized in early '06, basically right as the housing market was starting to peak. If we could do it all over, we would have rented a place for a couple more years and bought at the bottom. C'est la vie!
Helen, 77, Half Moon Bay, Calif.
What mortgage? No, I'm just kidding. We paid that thing off some time ago and what a relief that was. Not like it was that much—we have been in the house for 39 years—but it's just nice not to have to worry about it anymore. Not many people own their houses free and clear these days. We are very fortunate that we were able to pay it off early and save a little bit on the interest, too.
Edward, 74, Stowe, Vt.
When the recession hit, our finances dropped dramatically. We lost—oh, I don't even want to think about it. It gives me heart palpitations every time I talk about it. We made some very foolish investments, just say that. Anyhow, we were struggling just to make ends meet, so we looked into a reverse mortgage. It was not something we did lightly—we had spent so many years putting money into the house. But in the end, we decided it was the best option for us.
Sylvia, 69, Vero Beach, Fla.
I just did my second refi and got a great rate, four-and-a-quarter, which I'm thrilled about. I had refinanced in 2009 when I thought rates were about as low as they could go, but this is even better. My payments weren't too bad even before the first refi because I've been in my house for 15 years. But when you look at how much you save over the life of the loan with just a little drop in rates, it makes a heck of a lot of sense. And the payment's lower, too. I guess if they keep going down, I'll refinance again.
Matteo, 67, Ridgefield, Conn.
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