HELOC, All-in-One Mortgages, and What to Do With Old Life Insurance Policies - 343

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 14 September 2021

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

What is a home equity line of credit? Is a HELOC better than a traditional mortgage? What are all-in-one mortgage loans? Does it make sense to buy a condo, or keep investing for retirement? Next up Joe and Big Al spitball ideas on what to do with old whole life insurance policies. Plus, ABLE accounts for individuals with disabilities, and should you claim Social Security benefits before or after moving to a no income tax state? Free financial resources in the podcast show notes: https://bit.ly/ymyw-343

Transcript

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0:00.0	Today on Your Money, Your Wells podcast number 343, join Big Aller talking real estate and life insurance.
0:06.8	First, what is a home equity line of credit and is a he lock a better idea than a traditional
0:12.2	mortgage? What are all-in-one mortgage loans? Does it make sense to ditch apartment living for
0:17.7	condo ownership or just keep investing for retirement.
0:21.2	Next up, it seems that a few of you have some old whole life insurance policies you no longer
0:25.5	want or need, so the fellow spitball some ideas on what to do with them.
0:30.0	Then just to mix things up a bit, Big Al explains ABLE accounts for individuals with disabilities
0:35.1	and the fellows talk about whether to take your social security
0:37.9	before or after moving to a no income tax state. I'm producer Andy Last and here are the hosts
0:43.9	of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA. Go to Your MoneyWalth.com,
0:50.9	click on, Ask Joe and Al on the air. we'll answer them right here uh you can send an
0:56.2	email or send a voice message uh michael sent one hi joe and al a great show really looking
1:02.8	forward to your next episode thank you for everything you do i have a question about real estate
1:08.8	my wife and i own a property in the suburb, uh, live in a house in the suburbs.
1:13.4	And before COVID, I commuted into a major metropolitan city. My commute was up to one and a half hours each way.
1:22.6	And when COVID is over, I'll have to return to that. And we're considering investing or buying a second property,
1:30.6	like an apartment or a condo in the city that I would live in four to five days a week to cut down
1:37.3	on the commute. And by the way, we have about $50,000 to $100,000 to make a down payment
1:43.6	on the property because properties in the city are quite expensive where we live.
1:50.4	My question is, I have read that there are HELOC options that can take only seven to eight years to pay down a full mortgage versus a 30-year mortgage.
2:02.6	Are these HELOC options real? And can I do that having an existing mortgage on my home in the suburbs?
2:10.6	And how would that work? Or do I have to go with traditional financing?
	...

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