Last year, I was approached by an elderly lady to help with some financial issues she had fallen upon. She shared a home with her daughter, who had unfortunately recently passed, and the two had shared expenses, which left her in financial distress. She had seven high-interest credit cards and was paying well over $580 per month in interest alone.
Her new mortgage payment of $528.88, with taxes and insurance included, on a 10-year fixed-rate mortgage is less than her interest on the credit cards. She also needed to complete a few repairs to the home. We were able to refinance her mortgage and pay off all of her existing debt so she could comfortably live on her income solely. I have since spoken with her several times, and she is still extremely thankful for the help we were able to provide.
