The problem you described is probably a bad thermal sensor and yes it can be fixed.
Also as far as how long do these machines live.
It depends on how they are used and maintained.
With care they can last for many many years.
1.) Do not turn on and leave running unnecessarly.
2.) Allow enough cool down time after finishing with the machine.
3.) Clean the rollers !!!
4.) Oil the rollers ocassionally.
5.) Cover the machine when not in use.
Ray From PittsburghRefurb.com
March 2011