Ask Terry Archives

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…

Terry, My fiance's son will start college this fall as a freshman, out of state. His grandfather has utility stock, worth approximately $4,500 in a Uniform Gift to Minor's account that he's contemplating transferring to his mother's name. Would you advise that she roll that over into a 529 plan; cash it in and apply…

Hello Ms. Savage, I read your recent Chicago Trib column on the refinancing of college loans, specifically ParentPlus loans. I contacted one of the vendors and was conditionally approved for an interest rate in the middle of the posted range, even though my FICO score is extremely high. In your experience, can the offered rate…

.At 81 years of age, My annuity investment of $35,000 ADDS UP TO $77000. after any years. I would like to with draw the total. What would be my tax cost in Oklahoma? Terry Says:  You will have to consult your tax advisor on that. The money will be added to your other income and…

Can you give me an email address of a free and safe company that I can get a credit rating. I was denied credit and do not understand why. I owe no one, have a home with no mortgage, ample amount of savings. Is it because I always pay my charges on time, or pay…

28 years ago, my husband and I began purchasing Illinois College Bonds. They were purchased at various prices depending on how many years between the purchase date and the date we wanted to cash it in for college . Each bond was guaranteed to be worth $5,000 when it matured. In addition, we were promised…

HI Terry, I caught the last half of your answer on WGN this morning regarding pre-paid college tution. I was wondering what you recommend instead of the pre-paid state College fund. Terry Says:  If you were watching me on WGN, you're probably and Illinois resident, and referring to the CollegeIllinois prepaid tuition plan.  I tried…

At the advice of a credit union financial advisor, I pulled my 403B money and turned it over to LPL. The credit union has now changed to CUNA for investing. The account isn't doing well, and it has a1% fee. My pension is fine for now and I don't need the money, but I don't…

We just did a refi on our home & the Insurance company is asking us to do certain upgrades in order to be insured (garage work, cement floor work, sidewalk cement, tuck pointing.) How much should be bother doing, knowing that we likely won't be in this house for very much longer, but need to…

I am a recent graduate and I have secured a job as a teacher in a high need area. I was wondering if it is possible to have the federal loans consolidate with my private loans to form one big federal loan? Or if I can apply for more federal loans after graduation to pay…