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Reply to "Mortgage recast vs extra payments"
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[quote=Anonymous]OP, A recast does not result in a mortgage paid off earlier but it does lower your monthly payment, by a substantial amount if you are prepaying half of what you owe. Not all mortgages are eligible for a recast; you need to check with your lender about this and any fees (we have Wells Fargo and it is a nominal fee of $100, I think). But you need to figure out what your plan is. Are you trying to just lower the payment going into retirement or trying to pay off? If the latter, if you send them 50% of what you owe, what is your plan for paying off by retirement?[/quote]
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