My mom currently owes approximately 65,000 on a house with monthly minimum payments of $ 795 with an interest rate of 6.5% Is there a way to reduce the term on the loan? She literally has $ 20,000 sitting in her bank.
Her husband is getting to retire in about four years. What are her best options for paying off the mortgage as soon as possible.
Any idea on what the penalties will be for paying it off early.