Ask Terry Archives

Through circumstances beyond my control, I have limited funds at the age of 75. And find myself still working as a realtor. I collect SS and have one annuity ($50,000+)that once I begin collecting will yield about $400 month. Beyond that I have about 25,000 in cash and 100,000 between an IRA and Roth IRA…

what do you think of QLACS? Terry Says:  Here is a link to my most recent column on these Qualified Longevity Annuity Contracts.  As you can see, I think they make perfect sense for people who fear they will "run out of money before they run out of time!"   The idea is that you give…

Are annuities a good idea and if so which types? We are discussing the possibility with our Fidelity advisor but want to be more knowledgeable before we make a decision. Terry Says:   That is a HUGE question -- but I'm glad you're working with Fidelity to get the answers.  For sure, you will get the…

Hi Terry Here is my question.... I'm 59 years old and I have $6,500.00 to invest. Do I add it to my existing Roth IRA, or do I make an extra principle payment to my home mortgage? I currently owe $198,000.00 on my mortgage with an interest rate of 3%, and 15 years left. Thanks…

Hi Terry, I've started looking at this fund "Secured Real Estate Income Fund" that was mentioned on WGN radio. So far my research does not make me comfortable on this investment. Do you have any information on it or can you point me where I can do more detailed research on it? Thanks much! John…

Ms.Savage, Is it possible to take an appraiser to small claims court based on the lies stated in the appraisal and the comparables used that caused the loan amount to be decreased? You're such a wonderful MENTOR. Thank you and 'Bless you. Terry Says:   The appraiser is typically hired by the lender to verify that…

Need $15,000.00 should I take out of my investments (about 150,000) or consider a reverse mortgage? Terry Says:   Sorry, but it's impossible to answer that question without knowing more details about your situation.  If you want to post again, I will agree not to share it if you request.  But really, those are tough choices.  …

My wife and I purchased Life Insurance when we were in our early 30s and we are 63. We recently had a meeting with our agent to discussed some questions & concerns we had about our policies. It was confirmed that our $50,000 policies would expire at 70 unless we start contributing additional monthly premium…

my husband and I are in late 60's with approximately $80K owed on mortgage. He is planning on working until it is paid off in three years.. There is a possibility that his company closing.. With the extra money that we have each month should we bank it or try to pay off the mortgage..…

What are the pros and cons of taking a reverse loan mortgage? Terry Says:  Here is a link to my most recent article about Reverse Mortgages.  My personal opinion is that used in the right circumstances they can be a real blessing to seniors who feel they are able to live in their homes for…

Terry, Is this a good time to invest in short term Bonds,if so how do I go about picking a Bond? I am 61 years old and plan to retire soon. Should I contribute as much as I can in my 457 plan even though taxes will probably be higher when I start withdrawing money?…

My wife and I have a new home I may want to put another room in the basement is this a good thing for us to get a home equity line of credit to complete that project. Terry Says:  Please read my new column on the subject.  These loans are typically interest-0nly, thus offering attractive…

Hi Terry, I am the person who asked you a question about giving my son a gift of about $50,000 to purchase a home. My sons financial advisor is asking for a copy of my bank statement to show where the money came from. I understand they want a paper trail on the money but…

Terry: We are retired (63/60) with a healthy portfolio of assets ($2.7mm), but modest income ($30,000) of dividends and capital gains -- no Social Security. Yet. We are thinking of moving to a new home, and a mortgage may be required to transition from one to the other. Questions: Would we even qualify for a…

Hi Terry, I have recently decided to go back to school to pursue a new career. As excited as I am, the thought of paying for 2 more years of schooling, along with my previous loans is causing worry and stress. I am writing you today in hopes of obtaining assistance as I move forward…

I apply for a home equity loan line of credit they denied me because u cosigner for my kids students loan . On other thing the bank put put me on late payment about the students loan . My daughter graduation is 2017 she has to pay after 6 months from her graduation . Now…

My husband and I are in our mid-50's. We have saved and invested for years and want to have a CFP review where we are in regard to retirement, i.e. Should we save more, spend less or are we on track. My husband has been using Morningstar model, provided by his company to analyze our…

You always say the best source to check your credit report is AnnualCreditReport.com, but it's states on their website that they don't provide credit scores. My question is - what is the best source to get your actual credit score? Thank you. Terry Says:  You're right.  Credit scores are not all the same, and only…

I am a grandmother attempting to help out with my grandson's student debt. He owes $20,096.72 @6.8% in 3 different loans. He pays monthly based on his low income. When I give him extra money towards the loan, I expect it to go to principal only but he tells me that the government won't let…

I am almost 41 years old. I bought a condo a few years ago. I don't have more than 5K in savings but I want to start investing for retirement. What is the best way to start investing for a guy my age who is just starting out? Thank you! Terry Says: It's never too…