Ask Terry Archives

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%…

My brother and I are helping our 94 year old aunt (widowed)with some of her health care and finances. Her 66 year old daughter with Down's syndrome resides with her. We are concerned about the future of our cousin, if her mother passes before her or if her mother someday may need to be placed…

What is your opinion of HECM for purchase ? Thank You Terry Says:  While most RMs are used to allow people to remain in their current home and have the income to maintain the property and taxes, there are more instances of Home Equity Conversion Loans (HECMs) or RMs being used to downsize and purchase…

After reading your article in the Baltimore sunpaper I,m curious about how you would see a reverse mortgage working in this scenario. I,m 74 as is my spouse our home is presently worth about 230,000 with no mortgage and a home equity currently at 26,000 my idea is to sell this home conventionally move to…

If one spouse is under the age of 62.,can that spouse to qualify the other spouse ,and owner of property to qualify for a reverse mortgage ? Thanks Terry Says:  Only if the younger spouse removes his/her name from the title.  That means that when the older spouse dies, the surviving spouse will have no…

  Dear Terry I have read your article about Reverse mortgages in the Sunday Sentinel, My question is, in paragraph number 2, you stated that the interest rate is fixed at the time I take out the reverse mortgage. However, when I closed on my reverse mortgage here in Florida July 2012, the loan officer…

I enjoyed your resent article "5 things to know about reverse mortgages in the Commentary column of the Business section of the Huntsville Times. I think it would be most helpful to the reader in understanding a reverse mortgage if you presented an example. For example, a 65 year old couple owning a $100,000 home,…