Ask Terry Archives

my mother was collecting her own ss until my dad died, then went to ss to get widows benifits. it then she found out ss was under paying her. is she entitled to back pay from ss Terry Says:  Well, I must admit that this one has me stumped.  You have the advantage since SS…

What is your advice in finding out the best avenue for refinancing an Interest only mortgage? (Yes Variable Rate) Terry Says:  My first advice is to do it NOW -- before the Fed raises rates!!  You can go to a place like GuaranteedRate.com or Quicken loans to find the best deal.  But get going!

Hi Terry, When you spoke in Arlington Heights, you mentioned a form for a husband and wife to complete that lists where all the important documents and assets are located. I'm having trouble finding it on your website. Can you please send it? Thanks. Terry Says: When you sign up in the yellow box that…

HELLO I AM NEW HOME OWNER FOR A YEAR NOW AND MY ENTREST RATE WAS 3.75 WAS THAT A GOOD RATE AND I AM 62 YEARS OLD CAN YOU ALSO TELL ME IS THIS A GOOD AGE TO RETIRER AT Terry Says:  I think you got a great deal on your mortgage.  Be sure to…

Good morning Terry , I am in the process of repaying my loans. The loan company that I am with has determined a very high payment that I just can't afford month to month that is based on my income. I have called them several times to try to get this reduced but I have…

What is the reason a barrel of oil has hovered around $50 for the last year? In the past, OPEC, would control the price buy cutting production to control inventories, right? Are the inventories the reason, or is there another reason? Thank you. Terry Says:   There is a global free market in oil -- and…

Terry: In 1995, in the days before 529 plans were created, we established a college savings plan for our first-born son upon his birth. Fidelity marketed it as a college savings plan, but it's really just a UTMA mutual fund account. In 1999, when his brother was born, we stopped contributing to it and set…

Reverse Mortgage and Surviving Heirs I am 54 and my mom is 92. We purchased a home and my sibblings are trying to convince my mom to get a reverse mortgage. Basically, I would have to sign ownership over to my mom. If she gets a reverse mortgage, borrowing an amount greater than what is…

What are Penny Stocks and are they something to invest in or not? Terry Says:  Penny stocks are stocks with very low prices.  In fact, the prices are so low that they cannot be listed on any major exchange, such as the NASDAQ or NYSE.   By their very nature they are incredibly speculative, and typically…

Is there a form to list more than 3 bonds to change as I have appox. 20 to change. Terry Says:  Sorry, you'll have to give me more information on that question.  Are you talking about U.S. savings bonds, or corporate bonds.  I know that you'll have to have a certified copy of your divorce…

I have $60K to invest and was told about the Vanguard Index Funds. I am 55 years old and plan on not using any of it for 5-10 years. Would you suggest the 60% stocks/40% bonds fund? Terry Says:  First, it's tough to recommend without knowing your entire financial picture, including what other savings you…

My dad had did reverse mortgage. He is now deceased and left me a Land Trust. My question to you I am a first time home buyer and they want 90 thousand for this house. I just recently renovated the house and put 30,000 before my dad passed away. Not knowing that he did a…

Do you have (or do you have a source for) a list of questions to ask when looking for a financial planner? My wife and I are looking for a new one and have an interview set up for next week with a Fidelity representative. Thank you! Terry Says:  OK, the first thing you need…

I want to know if Larry Edelson has a leg to stand on with his prediction that the economy will tank on October 7, 2015 due to super cycles dating back to the Great Depression. Terry Says:  We will only know for sure on October 8th!!

I've seen commercials for reverse mortgages and I've called a few but some don't want to finance a home appraised for less than $50k and I also here so many negative comments. I want to keep my home but it needs some repairs and I want reverse mortgage to pay off a mortgage and make…

Hello Ms. Savage, Even though I'm using a lawyer for my loan modification, I'm very curious of what KEY Points banks, and/or Loan company's look for in granting a loan mod. It seams so many people who have tried, have been denied. I friend who's a realtor mentioned that most people usually give up. I'm…

Terry; My question is why are the insurance co. prices higher than self pay? I am a very healthy person. I have never been sick to be in the hospital, the last time I was there was back in 1978. I do not have health insurance. I don't think I need it yet. I know…

If the child decides down the road not to attend college but pursue another avenue, what happens to the funds in the 519 Plan? Terry Says:  The money can be used for any other child in the family, for any school in any state.  If there is no other child, you can even let it…

I have a 401k that I have invested 6%in for over 40 years with fidelity. I have over 300k in it. I am over 60 and am not planning on retiring for several years. I recently needed $4000 for an airconditioner and when I went to take it, the tax was going to be $586!…

I'm in the process of selling some property and I was interested in the best place to place my money? My husband and I are 69&74 years old so we didn't want to invest in anything long term. We know nothing about the stock market, which was suggested to us. Terry Says:  Well a lot…