Pre-Approved Mortgages, Reverse Mortgages, and more bits

Pre-Approved Mortgage Loan – How important is a home mortgage loan pre-approval? The short is  “very important” but read further before getting your hopes too high  only to be disappointed later. What does it mean to be pre-qualified and  to be pre-approved for a house loan?

More seniors turn to risky reverse mortgages – Reverse mortgages are growing in popularity now that the big baby boom generation is entering its silver years. These mortgages regain popularity despite concerns that many baby boomers are using them to drain their home equity too early, leaving them nothing to fall back on.

The Wrong Way to Pay for Financial Advice – Most financial advisors charge a fee based on a percentage of your investments, called an asset under management (AUM) fee. If you have $500,000, a 1% fee means you’ll pay $5,000 a year. One million dollars with the same advisor costs $10,000 a year, and so on. This is standard across the industry. Tens of trillions of dollars are managed based on this arrangement. But why?

AARP Retirement Calculator: Are You Saving Enough? – Check out this retirement calculator from AARP to see if you are on track to have a happy retirement.

Getting Around Income Limits for a Roth IRA – I earned too much in 2013 to contribute to a Roth IRA. Can I contribute to a traditional IRA for 2013 and immediately convert it to a Roth? Do I have to pay taxes on the conversion?

Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.