Refinancing for Retired Fixed income parents

[Dustin Peters]

This is a question I've had for some time. My parents 30 year fixed mortgage is currently at about 5% and they have been turned down for refinance due to their fixed/low retirement income. They have been paying it down for the last 5-10 years and have substantially equity in their home due to remodel and fixing it up etc. Based on my rough calculation just getting it close to 3% which isn't unreasonable right now could save them close to 1000$ a month on their mortgage. Has anyone encountered this situation and if so what are possible solutions to getting it refinanced. I have no problem being put on title or Co-signing etc. Thanks in advance.