All About Insurance

October 23, 2014 12:02 PMOctober 23, 2014

Advice for Retirees When Downsizing: Part 3 of 5

We’ve all heard it a million times: Location, location, location.

The old adage is just as important when downsizing upon retirement as it when buying for the first time. In addition to understanding how your taxes and other expenses will be affected by your new locale, it’s also a good idea to keep your healthcare options in mind.

“As you age, even if you’re healthy now, you may need to visit hospitals more frequently,” explained Scott Bishop, director of financial planning with STA Wealth Advisors in Houston, Texas.

Image via flickr/Marc Levin

October 22, 2014 12:35 PMOctober 22, 2014

Advice for Retirees When Downsizing: Part 2 of 5

When downsizing, you may be lucky enough to walk away with some extra cash at closing.

To make the most of that money, the best thing to do is invest some – if not all – of it right away, before it’s suddenly gone.

“People have a tendency to look at that as found money” and spend it too quickly, explained Larry Luxenberg, managing partner with Lexington Avenue Capital Management, a financial advisory firm in New City, N.Y.

Image via flickr/401(k) 2012

October 21, 2014 12:33 PMOctober 21, 2014

Advice for Retirees When Downsizing: Part 1 of 5

The first thing to keep in mind when considering downsizing is that you should be careful not to wait too long. The longer you wait to downsize, the more time you spend paying your higher incoming taxes, utility bills and other unnecessary expenses.

“You don’t necessarily need to wait until the last [child] gets out of college to pull the trigger,” Thomas Scanlon, an adviser with Raymond James in Manchester, Conn., told MarketWatch. “Lots of folks wait until post-college, and then children boomerang into the basement – it could be an eight- to 10-year run of having more home than you need.”

Image via flickr/Tax Credits

October 20, 2014 1:37 PMOctober 20, 2014

A Palace Fit for a Pop Princess

Lady Gaga is the proud new owner of a $24 million Malibu, California, estate, according to the Daily Mail.

The listing for the property reveals that a 10,000-square-foot home with five bedrooms and 12 bathrooms sits on six acres of land and includes an unfathomable number of amenities, including a private gym, wine cellar, bowling alley, eight horse stables and tons more.

The home is located across from Zuma Beach, with its design modeled after traditional homes on the French Riviera.

Image via theagencyre.com

October 17, 2014 2:36 PMOctober 17, 2014

Researching Utilities Is Essential in Determining Home Buying Budget

The importance of factoring in taxes and insurance costs when considering a home buying budget is well known, but Bank of America reminds us of another pesky monthly expenditure to keep in mind.

“If you’re moving into a larger home than you’re used to, a home that is newer or older than you’re used to, or located in a climate that’s hotter or colder than you’re used to, ask your real estate professional if he or she can find out what the home’s energy bills have typically been,” the financial institution suggests. “This can help prevent being surprised by a higher utility bill than you’re expecting. If you’re moving into a new community, find out about water costs, as well.”

Image via flickr/Tax Credits

October 17, 2014 2:35 PMOctober 17, 2014

FHA Close to Rebuilding Insurance Fund Cushion

The FHA is close to meeting the federally mandated minimum balance that it is required to maintain in its insurance fund.

The balance dipped so low last year that the FHA had to borrow $1.7 billion in taxpayer money to balance its books.

“The FHA’s financial situation is improving rapidly, and it should be able to significantly reduce its insurance premiums in the next year or two,” Mark Zandi, chief economist at Moody’s Analytics, said in a report.

Image via flickr/401(K) 2012

October 16, 2014 8:00 AMOctober 16, 2014

NYC Facing Tax on Part-Time Residents

New York City mayor Bill de Blasio is considering a proposal to slap an extra tax on homeowners who spend less than half the year inhabiting their city dwellings.

“It targets very wealthy non-New Yorkers who enjoy our services, don’t pay city income tax and pay very little property tax, particularly in buildings that got subsidies,” explained New York Senator Brad Hoylman.

According to Bloomberg News, the measure would generate an estimated $665 million annually for New York City.

Image via flickr/@marco

October 15, 2014 1:53 PMOctober 15, 2014

Mark Zuckerberg Buys $100M Worth of Hawaiian Land

Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, purchased 700 acres worth of land along Kauai’s North Shore that includes Pila’a Beach and the Kahu’aina Plantation.

According to the Daily Mail, the couple plans to build a private getaway for their family.

Pacific Business News estimates that Zuckerberg likely paid around $66 million for the plantation and about $49 million for the beach.

Image via flickr/Jeff Kubina

October 14, 2014 1:48 PMOctober 14, 2014

Boutique Lending Agencies Approving Riskier Mortgages

According to a report by Bloomberg News, although the big banks remain stingy with regard to who they give out mortgages to, many smaller lenders are beginning to take a risk in approving mortgages for people with a less-than-stellar financial history.

These gambles typically come with higher interest rates or require larger down payments.

“Some lenders became afraid of their own shadows,” said RPM Mortgage Inc. Chief Executive Officer Rob Hirt. “The market is beginning to realize that if you make smart and sound loans to people who don’t fit in the narrow box, it doesn’t make them a worse risk.”

Image via flickr/nikcname