While we'd all like to have our homes paid for by the time we retire, many of us can't do that.

But if you've taken a big bite out of your principal through years of regular payments, you can refinance your way to a lower monthly payment that's a better fit for your lower, post-retirement income.

Let's say you originally borrowed $200,000 with a 30-year loan at 6% interest. Your basic monthly payment -- excluding taxes, insurance and any sort of property owners' association dues or fees -- is about $1,200.

If you've been paying making those payments for 10 years, you now owe $167,000. Refinance that for another 30 years at the same 6% and your basic monthly payment becomes $1,000 a month.

If you've been in the house longer, or can obtain a new loan with a lower interest rate, the savings will be even greater.

You can see what your monthly savings would be by using our mortgage calculator. Just check your latest mortgage statement to see how much you still owe.

The point to remember is that this is not about paying off your mortgage. It's about making lower monthly payments so that you can afford to stay in your home and enjoy your retirement.