- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
Yeah but Dee Dee, most refinances I have seen have atleast 20-25 years to go. Even the little 70 year old Walmart greeter. I have seen a couple people refinancing their old loan for a 15 year, but it is rare. Many just need the equity...... to keep their life style.
BTW, I am getting a rash of FHA reverse mortgages lately. They must be really desperate with the low rates :?: :?: Or is it slick marketing?
The gurus of economic forecasting would say that re-cycling cash through the engine of the national economy is good, which it is, as it keeps new SUV's rolling off the factory floor and big-screen TV's (made outside the US !) in all our living rooms. Adding insult to injury, think of all the spending done on credit cards.....which often is buying things you do not really need, with money you do not really have, to impress people you do not necessarily like. Conspicuous consumption can be habit-forming.