Should My 85 year old mother refinance or just continue to pay?

Yeah, 11% is a high rate, but at $28,000 she likely doesn't have much longer to pay. If she has been paying quite some time on this mortgage, most of the payment is now going towards principle. Refinancing now will provide a better rate but may not be wise because now it just starts the process of paying more towards interest rather than principle.Her reasons for refinancing or how long she has had this mortgage may change that answer. However keep in mind that refinacing adds to the balance. As mentioned by others, a home equity line will provide a better rate at little or no cost. A reverse mortgage may provide her with options such as receiving a monthly income that traditional financing may not. Really you should talk to someone in your area about your options and provide more details so they can provide a better answer for you.

I think she might want to look at a refinance it would depend on many years left before it will be paid off completely.

Wells Fargo & Bank of America, surely have branches in Chicago. I suggest going to one or contact some mortgage brokers and look into a Reverse Mortgage. Your mom may receive an income or just defer her monthly payments. A good source for Reverse Mortgage Information is www.aarp.com or www.aarp.org. Right now, I'm having a senior moment. :>) .... Happy funding, Rudi

Martha, I may have given bad advice. The loan balance appears to be too low. Also for mortgage brokers this is too low. One of the least expensive forms of to receive this amount without going through all that's require for a refinance and the cost is to go to your bank or another and request a Home Equity Line of Credit (HELOC). .... Best wishes, Rudi