[Rick Lee]

I don't have a lot of sympathy for folks in Option ARM's. Why anyone believes they can get a 2-3% interest rate, when everyone else is getting rates more than twice that high, and thinks there's no catch pretty much deserves it. Option ARM's are excellent for people who understand how they work and arrange their finances accordingly. And unless those retirees are in their early 60's, there's not much point in getting a 30 yr. fixed loan, where the rate will be at least twice what their Option ARM was. They won't live long enough to pay it off. They're much better off taking out an ARM for a few yrs. and then maybe going with a reverse mortgage.