How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Shawn P Adamo Your Own Question
Shawn P Adamo
Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Finance
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
15641319
Type Your Finance Question Here...
Shawn P Adamo is online now
A new question is answered every 9 seconds

I have a financial question. I am a 73 yr old retired male

Customer Question

I have a financial question. I am a 73 yr old retired male and I need to find the best way to reduce my monthly payments so that my wife and I can enjoy our retirement a little better. I have a home mortgage bal of $32,378 with 6.5 yrs remaining. I also have an RV 5th wheel trailer with a balance of $35.700 with about 12 yrs remaining. The current int rate on the home is 3.375% and the Rv is 5.25%. My total pymts are $471.85 on the house and $337.00 on the trailer. I looked into a Reverse Mortgage, but the costs seemed awfully high. The current value of the home is around $220K. I am wondering if there might be a good source to consider refinancing the house with a balance of the two current amounts. I would appreciate your thoughts as I truly respect Clark Howard and what he stands for.
Thank you.
Tom Corbitt ***@******.***
Submitted: 1 year ago.
Category: Finance
Expert:  Shawn P Adamo replied 1 year ago.
Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.
First, thank you for serving. My dad was a disabled Vet.
I would look online to consolidate both into a new loan on the house. There are rates of 2.89 on a 5/1 adjustable arm.
Between the lower rates, but more importantly refinancing for a longer period the payments will drop a lot. Then you can make a payment someplace where you are now and the new payments.
It may take you longer to pay off everything but I'm betting the lower payments will help a lot. Now the interest on the RV will be tax deductible as it will all be in a mortgage.
I'll also offer you a telephone discussion. All you have to do is accept. If not we can text back and forth.

Related Finance Questions