If you’re under a mortgage, you likely had to buy a title policy for the lender which indirectly protects you. I went to the courthouse every 6 months to do title searches on my property under mortgage. I paid off my mortgage in August and met with my real estate attorney to inquire about title insurance for home owners who own their homes outright. There are two policies available. A standard policy covers other issues but does not address title theft or forgeries. The second type available is called an enhanced homeowner title insurance that covers title and deed theft and forgeries along with many other property issues. In this digital era, it is easier to steal a property especially in my state which fortunately now has a law going into effect in January requiring the presentation of identification documents proving ownership before a title or deed can be amended. I bought the enhanced policy. It cost just over $1600 and provides up to $320K of coverage but there is no monitoring by the insurance company. I’m considering buying a subscription for title monitoring like Home Title Lock for them to advise me of any changes. If there was a change, I notify my attorney and he files a claim and the insurance company pursues the matter in court. I was planning on putting the home into a living trust but my attorney told me that our state recently passed a law where you can set up a transfer deed to a named beneficiary when you pass away. I named my daughter. That transfer deed now overlays the property deed. When I pass, she’ll hire my attorney for probate and file an affidavit to the Clerk of Court and receive the property. The best part is that my enhanced title insurance passes through the transfer deed and protects her ownership of the property.
After building my first house in1990, the best rate available was 10% for 15 years. In the following years, the rates dropped significantly and I refinanced twice (in house at a credit union) plowing those savings into extra principal payments and we paid the house off in 7 years. That financial freedom enabled us to save plenty and to do three home upgrades over the following ten years plus purchase a second home for our daughter to live while at a state university because of a shortage of dormitory space.
I did early principal payments for several years after the mortgage began. When I retired, I stopped making the extra principal payments and just paid the regular monthly payments which have been ongoing since inception. I have delayed taking SS but that will soon change and the extra principal payments will resume. I am looking forward to the financial freedom when the house is finally paid off.
Most states regulate insurance companies that sell products (life, property, liability, health, LTC, and annuities) in their states. It’s common practice that states set up guaranty associations and every insurance company doing business in that state pays a percentage of sales into the guaranty fund should an insurance company become insolvent and be unable to fulfill its obligations. Some states do these guaranty associations better than other states. In my state of Georgia, there is a total of $300,000 worth of coverage for all contracts for each Georgia citizen. The guaranty association will take ownership of the insurance contract and fulfill the terms of the contract to the specified state limit. Like FDIC, there’s a limit to what you can receive. https://www.annuity.org/annuities/regulations/
The law allows a onetime exit from an MA or from traditional Medicare during the first year. If that’s not utilized, then you’re subject to medical underwriting.
The rules are ambiguous and complicated. I intend to utilize one of the many brokerages that offer Part C and D plans as they are skilled in navigating you into the right plan for your specific needs. I’m in a state retirement health insurance plan that will automatically steer me into a MA plan. If I want traditional Medicare, I have some legal hurdles to pass through and having the free assistance of a licensed brokerage will definitely help in navigating through it.
I’m 19 months out and plan to use one of the many brokerages that evaluate and sell Part C and D plans. The two I am interested in are: MedicareSchool.com and SeniorSavings.net Both have YouTube channels and educate people concerning signup periods and helping to choose the right Part C plan- supplement or MA and Part D. Although licensed brokers, they function like an ombudsman to tailor a Part C and D plan to your specific needs. If you’re in a MA plan that you don’t like and still in your first year, you contact them and under the law they can utilize the onetime change option in the law to move you into a Part C and D plan that’s more suited to your needs. The best part is that these brokerages are totally free and they earn commissions selling Part C an D plans. The two brokerages I’ve listed are nationwide and have large followings and seem to show a greater measure of integrity in their actions.
Comments:
If you’re under a mortgage, you likely had to buy a title policy for the lender which indirectly protects you. I went to the courthouse every 6 months to do title searches on my property under mortgage. I paid off my mortgage in August and met with my real estate attorney to inquire about title insurance for home owners who own their homes outright. There are two policies available. A standard policy covers other issues but does not address title theft or forgeries. The second type available is called an enhanced homeowner title insurance that covers title and deed theft and forgeries along with many other property issues. In this digital era, it is easier to steal a property especially in my state which fortunately now has a law going into effect in January requiring the presentation of identification documents proving ownership before a title or deed can be amended. I bought the enhanced policy. It cost just over $1600 and provides up to $320K of coverage but there is no monitoring by the insurance company. I’m considering buying a subscription for title monitoring like Home Title Lock for them to advise me of any changes. If there was a change, I notify my attorney and he files a claim and the insurance company pursues the matter in court. I was planning on putting the home into a living trust but my attorney told me that our state recently passed a law where you can set up a transfer deed to a named beneficiary when you pass away. I named my daughter. That transfer deed now overlays the property deed. When I pass, she’ll hire my attorney for probate and file an affidavit to the Clerk of Court and receive the property. The best part is that my enhanced title insurance passes through the transfer deed and protects her ownership of the property.
Post: Who Stole My Home?
Link to comment from November 16, 2024
After building my first house in1990, the best rate available was 10% for 15 years. In the following years, the rates dropped significantly and I refinanced twice (in house at a credit union) plowing those savings into extra principal payments and we paid the house off in 7 years. That financial freedom enabled us to save plenty and to do three home upgrades over the following ten years plus purchase a second home for our daughter to live while at a state university because of a shortage of dormitory space.
Post: Matters of Principal
Link to comment from March 23, 2024
I did early principal payments for several years after the mortgage began. When I retired, I stopped making the extra principal payments and just paid the regular monthly payments which have been ongoing since inception. I have delayed taking SS but that will soon change and the extra principal payments will resume. I am looking forward to the financial freedom when the house is finally paid off.
Post: Matters of Principal
Link to comment from March 23, 2024
A ten year Multi-Year Guaranteed Annuity currently paying 5.8%.
Post: What investment will perform best over the next 10 years?
Link to comment from December 23, 2023
Most states regulate insurance companies that sell products (life, property, liability, health, LTC, and annuities) in their states. It’s common practice that states set up guaranty associations and every insurance company doing business in that state pays a percentage of sales into the guaranty fund should an insurance company become insolvent and be unable to fulfill its obligations. Some states do these guaranty associations better than other states. In my state of Georgia, there is a total of $300,000 worth of coverage for all contracts for each Georgia citizen. The guaranty association will take ownership of the insurance contract and fulfill the terms of the contract to the specified state limit. Like FDIC, there’s a limit to what you can receive. https://www.annuity.org/annuities/regulations/
Post: A Taller Ladder
Link to comment from December 13, 2023
The law allows a onetime exit from an MA or from traditional Medicare during the first year. If that’s not utilized, then you’re subject to medical underwriting.
Post: D Is for Delay
Link to comment from October 26, 2022
The rules are ambiguous and complicated. I intend to utilize one of the many brokerages that offer Part C and D plans as they are skilled in navigating you into the right plan for your specific needs. I’m in a state retirement health insurance plan that will automatically steer me into a MA plan. If I want traditional Medicare, I have some legal hurdles to pass through and having the free assistance of a licensed brokerage will definitely help in navigating through it.
Post: D Is for Delay
Link to comment from October 26, 2022
I’m 19 months out and plan to use one of the many brokerages that evaluate and sell Part C and D plans. The two I am interested in are: MedicareSchool.com and SeniorSavings.net Both have YouTube channels and educate people concerning signup periods and helping to choose the right Part C plan- supplement or MA and Part D. Although licensed brokers, they function like an ombudsman to tailor a Part C and D plan to your specific needs. If you’re in a MA plan that you don’t like and still in your first year, you contact them and under the law they can utilize the onetime change option in the law to move you into a Part C and D plan that’s more suited to your needs. The best part is that these brokerages are totally free and they earn commissions selling Part C an D plans. The two brokerages I’ve listed are nationwide and have large followings and seem to show a greater measure of integrity in their actions.
Post: D Is for Delay
Link to comment from October 26, 2022
I’m retired. Must have a glitch as it would not allow me to enter my retirement income. Consequently no results were generated.
Post: Two-Minute Checkup
Link to comment from August 6, 2022