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The Big Move: I’m retired and won’t live to see my mortgage paid off. Should I refinance to lower my monthly payment?

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‘The Big Move’ is a new MarketWatch column seeking to answer questions about navigating the world of real estate. Do you have a question about buying or selling a home? Do you know where your next move should be? Email Jacob Passy at jpassy@marketwatch.com. Dear MarketWatch,

I am 68 and became disabled in December 2007; I had to
retire in May 2008. In 2010, my home was refinanced with Wells Fargo and
Freddie Mac. I have no idea how this works having two mortgages. My refinanced mortgage started at 3% and has increased over
the years. It is now at 4.75%, and the monthly …

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