At 60, I’m unemployed, about to renew my mortgage – and I need to fix my roof. What are my options?
Question from Ann, 60, in Ottawa: My mortgage expires in June and since I am unemployed, I will need a guarantor to renew. My current mortgage is a five-year fixed at 2.34 per cent. I also need around $20,000 to fix my roof. Should I shop around for the lowest rate and keep my amortization unchanged, or refinance to pull out the extra funds and extend my amortization to keep my payments lower? Should I go fixed or variable?
Dear Ann,
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At 60, I’m unemployed, about to renew my mortgage – and I need to fix my roof. What are my options?
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