Quote:
Originally Posted by tvbound
Recognizing that a larger than normal percentage of TV homes are purchased entirely with cash, I'm sure there are still plenty that although they didn't really need to, financed at least a portion (which we've been contemplating) of their purchase. While the thought of not having a monthly mortgage is very enticing, so is the idea of having a small and easily managed mortgage, while also having a healthy extra 6 figures in the bank.
I'm just curious, given the current low mortgage interest rates, if there are any people who have been thinking of refinancing and maybe taking out some equity built up since purchasing. The idea of even giving a 70 year old a 30 year mortgage is a thread in itself.LOL I can't help but think if there are some who have found their calculations of savings & investments in retirement aren't working out to what they thought they would be (due to higher costs, extended longevity or both), are looking to refinance to make up for it.
I believe I read that most banks aren't doing HELOC's right now, so I'm thinking that refinancing (even with closing and other costs) would be the only way to access cash in the equity built up in the last number of years.
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For what it may be worth as a point of information : The average duration of a 30 year home mortgage has historically been about 7 years . This is why mortgage loans are priced off the 10 year Treasury .