I'm in a home with a thirty year, fixed 5% interest, assummable VA loan. Perhaps not as good as some who refied after I did when rates went a little lower (I think). So I hope I can withstand the shockwave (interest hike). My spouse and I, of fifteen years, got into this home 10 years ago with a 9% loan and had to refi twice to get down to the 5%. I got into it as an investment since I was tired of renting, and throwing money away every month. My pension pays the mortgage, so I guess I'm in it for the long haul. Considering my age and a thirty year mortgage at the time, I knew I'd never pay the mortgage off before I push up daisies. And that's okay cause we don't want to live in a tent. And I hope God will be merciful to those of us boomers striving to be righteous. We're getting up in years, and many of us with medical issues wouldn't survive long. The shock alone of losing our roof and somewhat comfortable living after so many years, would be very tough on us. We'll see how things play out.
Are we ever, really prepared?