We are 67 years old and could not afford for our mortgage to increase. Please help

Tell the lender you want a LOW fixed rate or you will go somewhere else. If you qualify for the ARM loan, you'll qualify for the fixed rate loan. If they tell you otherwise, find another lender.

Can you currently afford your payments as they are now? Are they set to adjust, or your payments will increase? If a lender qualifies you on an ARM, then you qualify for a 30 year fixed. They will steer you into what makes them most money, which the Fed Gov. is trying to stop lenders from steering. The measure is called "anti steering". At my company, to qualify someone on a ARM, they have to take in to consideration the payment increase and they actually qualify you on a higher rate than the original rate the quote you at. Dont do it. FYI, if you have some equity left in the property, spend a few points, or percentage points of the loan amount, to BUY down your interest rate. If you want to stay and payoff the home, you need to have something you can afford. So lets say you spent 5k out of equity to buy down your interest rate, you will pay less money in montly payment and less in interest payments. Please contact me if you need more assistance.

It sounds like an ARM mortgage is not the best choice for you. I would recommend a fixed rate. Right now mortgage rates are still near all time lows and refinancing into an ARM doesn't sound like the best choice. We can use anyone's appraisal so don't worry about that money spent. You can call me at 645-0102. I'm local and have been writing mortgages in Louisville for 15 years. I'd like to make sure you get into the right mortgage. Eddie Sexton 645-0102

I write mortgages in your area. My toll free number is 866-766-1918. Call me and, at the very least, I'll make sure you get good advice.

At 67 you may want to look into a reverse mortgage, if you qualify it could eliminate your payment altogether. If enought equity is in the home it may even provide you with a little income.