Don't know about being wiser or older, but we have been looking at the same issues.

First, I am still employed, but the bank is talking about possible staff reductions in my office.

We looked at ways to cut the monthly budget, and examined refinancing the mortgage to a lower rate, but found it would only save 75 a month, but add several thousand (fees etc) to the note. Did not seem a good pay off.

Then we re-looked at the remaining principal of the mortgage and realized that we could dip into the retirement nest egg and pay it off. This cut our monthly expenses by a significant amount, and the monthly money we paid to the mortgage company is refilling the nest egg as long as I am working. If I lose the job, we don't have to worry about losing the house also. Our monthly expenses are now a lot lower.

I realize that not everyone might be able to do this, and that some might think we are crazy, but it is interesting to me that no financial "pro" I have talked to (and I work in a bank!) has ever suggested even thinking about something like this. It's always "put the money here, not there" type of advice.

From my point of view, I made myself a mortgage loan. I trust me to pay it back as I can and will, but will not foreclose on myself if worst comes to worse.