Ask Terry Archives

Terry, thank you for taking this. We have begun reading your column in the new sunday Harrisburg,pa patriot news financial section. 14 yrs ago I met with a fee based planner who has my dads business. At the time he wanted $600 per yr to manage our (wife and I) 50k in investment money. I…

What is your opinion of former Congressman Dr. Ron Paul's prediction of a currency crisis, and financial failure for the US in the not so distant future? As a person entering his retirement years, this is beyond frightening. What are your recommendations for the average citizen? Terry Says:  There have been predictions -- and realities…

Hi Terry, How do I convince my mom to sign a promissory note? I'm buying her part of the share of a house that we bought together. She thinks I'm underestimating her portion relative to the value of the house. The house has depreciated in value when I bought the house in 2008, but she…

Hi Terry, My husband bought an annuity in 1994 (flexible premium tax deferred annuity). He can't find the policy and when I contacted the company they want us to send them $25.00 to mail out a duplicate copy. Is this fee common? Thank you. Terry Says:  Well, it's not outrageous, but I think it's unnecessary. …

Hi - What is the best way to pay off my mortgage early? I currently have a 30 year fixed at appx 4.1% and have appx 25 years left. I also pay $200 a month over my current payment. Thanks. Terry Says:  Well, you're making a good start at paying it off early by adding…

I am 59 years old, single, no mortgage, with two grown children living on their own, have been out of work for a few years and not likely to work again. I have over $1.5 million in savings and investments, not counting Social Security, which I don't plan on taking until I am 70 at…

Can you please give me advice on how to get financing for a mobile home that will be in an upscale Pennsylvania private community? Banks in our area plus our credit union no longer finance mobile homes in private communities. I was advised to go online and apply. I am hesitant to do this. I…

I use Bright start college fund, (I think it is called that), never the less, I saw that you do not recommend that fund, even though it is tax deductible. What should I be using in place of that fund? Thank you, A.J. Terry Says:   You don't have to change programs.  I have explained elsewhere…

are you doing any seminars in the Asheville, NC area ?? Terry Says:  Nothing planned, but ask your local newspaper or bank to bring me in for an event.  I love getting out to meet my readers!  Thanks for asking.

SHOULD MARRIED COUPLES HAVE TWO SEPARATE REVOCABLE LIVING TRUSTS? Terry Says:  That depends on how they want to maintain their assets.  First of all, note that I edited your question a bit.  You asked about IRREVOCABLE trusts.  But a "living trust" is truly a "revocable living trust" -- which means you can change the directions…

Hi Terry, My daughter is approaching her first birthday and have begun saving for her future college tuition. What would you suggest as a plan to set enough money aside until then? I stay at home, but plan to work again in a year or two. My partner currently earns about $3,000 a month, after…

Dear Ms. Savage, I am writing concerning your article on bonds a few weeks ago. We are retired and have some index bond funds, which we would only sell to rebalance. The dividends are our main concern. So, if the interest rate rises could we actually receive as much or more dividends than we get…

I heard a financial planner on WGN talk about the above bridge loan which returns 6% on a one year $10000 investment. 6% seems quite healthy in this economy which makes me skeptical if this is a real opportunity. Are you familiar with this and would it be a viable investment for a safe income…

Which of the asset-based (or hybred) LTCi products do you prefer and why? Terry Says:  I think it's time to write a column update on that subject! You've given me a good idea.  Please check back!

I TOOK OUT A PARENT PLUS LOAN (8.5%) ABOUT 8 YEARS OLD WHEN MY SON WENT TO COLLEGE YOU HEAR OF WAYS TO REPAY, BUT NOT FOR PARENT PLUS LOANS. CAN YOU PROVIDE ME WITH ANY HELP. THANKS FOR YOUR HELP. Terry Says:  I'm afraid you're stuck.  The lenders who made these loans have little…

HI Terry. I owe 30000 on home equity. My mtg. Is 230000. The bank wont let me refinance mtg. And equity together. Im 2 years into a7year arm.Should I refinance the 230000 ? Also what is best ..save liquid emergency or pay down home equity or do a little of both..also im a city worker…

I would like to roll one of my retirement funds into precious metals. Can you recommend a trusted broker and fund with low fees? I think I would like a metals fund or certificate rather than actual storage of the metals, but I'm new to this and am seeking advice. I'm 61 and retired, receiving…

A second property is fully paid for. We can't borrow against our primary residence to pay for $75,000 rehab. Should we open the second property to a new mortgage or borrow from deferred comp? House is in prime location and we are planning to rent after rehab for $2,000-$2,500/month. Terry Says:   Only you know whether…

I read your article in Sunday's Tribune about Reverse Mortgages, good article. The article says that the government requires you to go to independent counseling. Where do you go or find one ? Thank You Terry Says:  The reverse mortgage lender will give you a list of approved, independent HUD counselors -- but will not recommend…

Will the remaining principal balance on my reverse mortgage go to my listed relatives?? Thanks....Leslie B. Terry Says:  Once the balance of the loan is satisified, if there is any remaining equity it will go to your designated heirs.  Or your heirs have the option of paying off the reverse mortgage balance -- or 95%…