Not being able to afford to stay in your house through your golden years is a sad reality for many people. Lower income, higher medical bills and rising property taxes are making it tough to get by, and cash strapped retirees are looking for new options.
By refinancing a mortgage on a home, you can change the terms of the loan. Many people choose to refinance their mortgage in order to change to a lower interest rate. People also refinance in order to extend the length of the loan in order to make lower payments.