Refinance offer seems too good to be true

DEAR HARRY: My wife and I are both 73. We took out mortgages on our house over the years since we bought it in 1968. We now have two mortgages. This came about in 1995 when the Navy Yard shut down, and I was forced to retire with 20 years of government service. I was only 55. That's when I became the victim of a predator. This guy found me and dogged me for weeks until I finally let him sort of take over. We had gotten behind in our payments as a result of our reduced income, and he said he'd get us out of our bind with a low-payment mortgage. We now owe one bank $9,600 at 13.65 percent, and another bank $37,000 at 9.55 percent. Our monthly payments are $925. We're also behind on our credit card. We have been offered a refinancing by one of our mortgage companies at a rate of 4.125 percent that will cover both mortgages. We live on a small pension and Social Security. This keeps us just above water. My wife can't believe that the bank will do this, and she is apprehensive because of our past experience. Should we go for it?

WHAT HARRY SAYS: What are you waiting for? Just make certain that you're dealing with the bank and not an intermediary. You were burned once, and that's enough.