Originally Posted by
scar
hi experts,i'm 57 years old this summer,our mortgage is up in june,and i want to consolidate all my other payments,we owe 123,000 on the mortgage,and would need to borrow 70,000 to consolidate all outstanding credit cards and loans and pay the loan off that in 5 years,i'm trying to figure out if i should keep my mortgage seperate and mortgsge the 123,000 dollars,and am wondering if i was to keep a 25 year term,but make say 400.00 more payment would it be better than getting say a 15 year term?i want my mortgage to be as low as possible when i'm planning on retiring around 5 years?or if anyone would advise me to do things differently,i want to be as debt free in around 5years,i know i'll still have a mortgage in 5 years but hope it will be small enough to be able to handle it,thanks