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Article
23
Jul 08

Mortgages and Retirees Don’t Mix

By Scott Burns Q. My parents are looking for a house in the Dallas-Fort Worth area. They are retired. They are trying to decide if they should pay cash for the house. They have close to $620,000 in savings (CDs, 401(k)s, IRA) and are looking for a $200,000 house. They also have about $1,300 in Social...

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Article
02
Apr 08

A Larger House Isn’t a Good Defense Against Inflation

By Scott Burns Q: I believe inflation is getting out of hand and the dollar will continue to decline. So I am worried about my future. I am almost 63, have our house paid for, and have about six times my income in retirement savings and investments (not highly productive). I think a good way to protect...

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Article
26
Mar 08

A Retirement Expense You Can Control: Shelter Expenses

By Scott Burns Q. Sometime ago your column gave information about what it costs to maintain a home--it was a percent of the value of the home and included utilities, insurance, taxes, etc. Do you still have that information? It might help many home buyers in today’s market. ---C. H., by email A. The...

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Article
04
Jul 07

A More Expensive House is a More Expensive House

Q. Before we were married, my husband purchased a two-bedroom home in Houston in the late ‘80s. We married in 1993 and finished paying off the house by 1998. The house was built in the ‘30s and is showing its age (it has been for some time). I think we should sell the home and invest the money in a new...

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Article
28
Mar 07

Planning a California Home Sale and Move to Texas

Q. Can you suggest the best way to minimize capital gains on the sale of my house? My husband and I bought a house in San Diego CA in 1975 for $65,000. My name was on the title. We made about $130,000 of improvements. He died in 1999, when the house was worth about $325,000 to $350,000. There were no...

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Article
14
Mar 07

Retirees: Have a "Good Times" Fund

Q. My husband and I have saved for 18 years. We now have a substantial retirement. He has been the primary earner; I have worked on and off part time. I have recently been ill with a potentially fatal disease and recovered, only to sustain a broken arm and nerve damage that rendered my dominant hand...

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Article
27
Jul 06

Travel, yes. Reverse mortgage, no.

Q. My son-in-law's parents are urging me to take a reverse mortgage to increase my income so I have more freedom to travel and don't have to budget so tightly. I am 70. My house is worth around $200,000. I have about $200,000 in financial assets and no debt. My income is about $26,000 from Social Security...

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Article
06
Jul 06

Refinancing to a Fixed Rate May Not Be Beneficial

Q. Two years ago we took out a 5-year, interest-only mortgage on a $207,000 home. The interest rate is 5.25 percent. We have been paying $500 a month on the principal, which is now $202,562. The home was recently appraised at $227,000. With rising interest rates, should we consider refinancing now? Or...

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Article
22
Jun 06

The Best Place for your Home Equity Is at Home

Q. We recently attended a mortgage company workshop on "equity maximization" in which they touted putting the equity in your home to work earning income and building wealth. They recommended refinancing to an interest-only loan and investing your equity plus the difference due to your lower mortgage...

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Article
23
Mar 06

Sometimes It's Better Just to Pay down the Mortgage

Q. We have lived in our home for 15 years and have refinanced several times. About 18 months ago I refinanced to a 5-year balloon note at 3.75 percent, amortized over 30 years. The original amount borrowed was $193,200 with a monthly payment of $895. In order to retire the debt in 5 years, I have paid...

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