making mortgage pmts on ssa income

**MICHAEL** · 05-07-2010, 03:45 AM

I was diagnosed with Parkinson's Disease a couple of years ago. Have not worked since then. Finally started getting SSA checks. Lived off savings until that time. Since my monthly expenses are not covered by the fixed income I have now, my question is this:
Should I pay down the principal of my home loan, and then refinance to get lower monthly payments?
Currently, I believe I could buy down the principal to under $100,000. Then if I were to refinance at these low rates on a 30yr fixed, I think my monthly paments would be much more manageable.

any thoughts or opinions are welcomed.
Thank you.

**Magic69** · 05-07-2010, 11:21 AM

That sounds smart to me, Michael. Cash flow is really important in your situation so cutting down the monthly debt obligations sounds like a good idea. Of course, it probably depends on how much savings you have and what sort of return you are making on that money now as well...

Let us know what you decide to do and good luck!

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