Refinancing during legacy years rarely makes financial sense and may be virtually impossible to execute. Lenders generally won’t approve mortgages for borrowers in their 80s or 90s, as the risk of outliving the loan—or facing repayment complications from cognitive decline or death—is too high.

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Even if approved, the years required to recoup closing costs through monthly savings likely exceed your life expectancy, making refinancing a poor financial decision. If you’re struggling with mortgage payments, refinancing isn’t the solution. Instead, consider selling and downsizing to a more affordable property, moving to assisted living, or exploring reverse mortgages that eliminate monthly payments entirely.

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Cash-out refinancing is particularly inadvisable, as it increases debt obligations at a stage when you should be simplifying finances and reducing liabilities that could complicate estate settlement. Your focus should be ensuring that your housing situation is sustainable and appropriate for your care needs—not taking on new long-term debt commitments.

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If your existing mortgage remains manageable, maintain current payments and focus on estate planning—ensuring your home’s title, beneficiaries, and transfer-on-death designations are properly documented. Family members may need to be involved in these decisions, particularly if you’re experiencing cognitive decline.

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Finally, consider whether staying in your current home makes sense or whether relocating to be near family, downsizing, or entering a retirement community better serves your needs during these final years.