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Given today's historic low mortgage rates and based on the info you provided, I would refi to a 15 year fixed and use part of the 90k to cover the closing costs. If you are planning on retiring before the 15 year mortgage is paid off, I would structure the loan to have it paid off at retire time, ie.. 10 year fixed etc...

(1) Pay off any consumer debt including cars.
(2) Put 1 year of "bare bones" living expenses in an E-fund.
(3) Make sure my available retirement accounts are maxed out (401k, Roth IRA's, 403b's and 457's for gov't workers).
(4) Whatever remained after that from the 90k would go into taxable mutual funds and stocks, whichever you are inclined to invest in normally.

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