The Big Move: I want to refinance my mortgage, but I’m about to turn 70. How would that affect my heirs?

The Big Move

Published: Nov. 22, 2021 at 12:07 a.m. ET

‘I may not — likely will not — live long enough to pay off the loan, or even conclude the 11 years remaining on my current mortgage, for that matter’

Retirees can get more creative with naming potential heirs than they might realize.

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Dear MarketWatch, I hope you can help me figure this out. I am 69 years old and will turn 70 at the end of the month. I’ve been offered a cash out refinance loan and need to decide whether to take a 15- or 30-year loan. My monthly obligation would obviously be higher for the 15-year loan. I may not — likely will not — live long enough to pay off either, or even conclude the 11 years remaining on my current mortgage, for that matter. I’m diabetic, let alone other infirmities. The mortgage lender knows my age, but the choice…

                  

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