Ask Terry Questions choosing a new investment firm

choosing a new investment firm

By Terry Savage on March 19, 2023 | Housing / Real Estate

My current firm(Cetera) will not write a letter of intent to transfer retirement funds monthly into my checking account in order to get pre approval for a mortgage due to my income to debt ratio. Due to physical limitations- I can’t sell my home first. I do have plenty of money to purchase a new home once I sell so I wouldn’t need a mortgage once I would close on the sale of my current home. . I am looking for a new firm. I am in my 70’s, single, retired, no debt. Living on my social security only so far. How do I pick a new firm? I heard you speak of Fidelity. Also attended a lecture from Guardian Wealth in Elgin. I am not sure how to proceed. Should it be a FEE ONLY group? Is Fidelity? Suggestions welcome. THANK YOU.

Terry Says

You should immediately contact a fee-only financial advisory firm — one that is more than an investment firm like Cetera. I’m sure you’ll save money and get advice that is in your best interests. Find one you can trust here.

That said, I’m not sure any firm would write a “letter of intent.” If you work with a fee-only financial advisor, you could create an immediate annuity that would generate a monthly check for your lifetime. Or go directly to for help in finding such an annuity.

But even that might not be enough to qualify you for a mortgage since you’re retired. So check with a mortgage lender to see if that would be acceptable.
And please take one more word of advice. Do at least consult with a fee-only FIDUCIARY advisor before you take this big step.
If you have physical limitations, the next move might best be into a senior living community. Read this article:

When you sell your house, you could use the proceeds to buy into one of these communities. That way, you would guarantee your future lifestyle, and a degree of long term care and/or assisted living — depending on the terms of your purchase.
Do your homework as the article suggests. You are at the perfect age, stage — still vital and able to make friend, and be financially independent in a very nice setting. Without knowing anything more about you, I think this would be the perfect answer!! I hope you’ll look into it.



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