Since 2007, lenders have been requiring prospective condo owners purchase insurance to protect the interior of the condo. The problem with this is that the interior of the condo is already covered by the condo association’s master policy. When the condos were built Fannie Mae or Freddie Mack, required the project be insured at 100 percent of the insurable replacement cost. The interior of the units (i.e., all part of the unit which would be
Steven Vieira, operations manager for mortgages at AAA Southern New England Bank says a reverse mortgage is worth looking into as you plan your retirement. The benefits grow as you get older. 62 is the earliest age you can qualify for a reverse mortgage. They can provide monthly income or help fund home projects by using the equity in your home. Reverse mortgages become due upon the death of the last borrower, sale of the
Many employers offer employees stock options as part of the employment contract. However, according to a recent Massachusetts Supreme Court Decision, employment contracts do not fall under the umbrella of “trade” or “commerce”, and are not protected under Chapter 93A of the Massachusetts Consumer Protection Act. So, an employer’s misrepresentations about stock options are not actionable under Chapter 93A because an employee and an employer are not engaged in trade or commerce with each other.
This year, the average retiring couple should expect $220,000 in health care costs during their retirement. This is according to a new estimate from Fidelity Investments. Among people who have not yet retired, but who are older than 55, only a fraction were able to accurately estimate health care expenses, the survey said. More specifically, almost 60 percent of those surveyed said they expect to spend less than $50,000. Fidelity's estimate accounts for Medicare, out-of-pocket
Reverse mortgages can be a wonderful tool for homeowners, who have plenty of equity, intend to remain in their homes, and who have the discipline to bleed cash out over a period of time (not all at once). However, according to the Consumer Financial Protection Bureau, three out of four clients take the money all at once. Obviously, borrowing all of this money results in more interest payments leaving much less available to cover expenses
America’s Health Rankings Senior Report rated Minnesota the healthiest state in the nation for adults aged 65 and over. Interestingly, Florida came in 28th! The report grades states based upon 34 categories, including physical activity, prescription drug coverage, and flu vaccinations. New Hampshire, Vermont, and Massachusetts were also in the top five. Minnesota Seniors have the lowest prevalence of cognitive problems, for one thing. Based on our sources, Minnesota has been proactive in moving towards
When a landlord can evict a tenant depends on if the tenant has a lease or does not have a lease and is a tenant at will. Tenants with a Lease If a tenant has a lease, the tenancy usually last until the end date of the lease. The landlord can evict you for: - violating your lease - not paying your rent -using your apartment for illegal purposes. Tenants Without A Lease (Tenant -at-Will)
Once you have all your estate planning documents signed, you need to find a safe place to keep them. The safest place may be in a bank safe deposit box, but there could be difficulties when your family is trying to access the safe deposit box after you die. A better option may be to keep it at home, in a fire-proof safe, but make sure family members know how to access the safe. Some
Please do not attempt to save money by drafting your own will, doing so may lead to a costly result. If you write your own will, your estate may not be distributed as you planned. Below is an example of the type of error that can come from drafting your own will. George Zeevering wanted his estate to go to only two of his five children. He drafted his will himself. The will gave his
There are several reasons you should have a will...