Quotations by Frederick Vettese

With a regular mortgage, the five-year-term fixed rate is roughly 3% at the moment. The comparable rate for a reverse mortgage (that provides monthly payments) is 5.59%. You must be 55 or older to qualify for a reverse mortgage and you can keep receiving income payments until the total amount owning reaches 55% of the equity in your home. Buying a reverse mortgage is most appropriate for a home owner who has no intention of moving again. It is best not to start a reverse mortgage too early. Wait until age 75 or so but don't wait too long. [2020] - Frederick Vettese

You should try to get your overall investment fee down to about 0.6% a year, if not less. A robo-advisor (also known as an "automated investment advisor") is a firm that establishes and maintains your investment portfolio with minimal human supervision, all based on information that you provide online. One such firm is Wealthsimple. The Big-5 banks are also getting involved, such as RBC with its InvestEase platform. You pay the robo-advisor 0.2-0.5% a year as a management fee. You pay another 0.2% or so to access the advisor's exchange-traded funds (ETFs). [2020] - Frederick Vettese

A deferred sales charge (DSC) is a rather large commission that a mutual fund salesperson receives upfront. If you change your mind and try to move to another fund family within a certain period (about six years), you are charged a hefty redemption penalty. On $500,000 of investments, the fee could be $20,000 or more. [2020] - Frederick Vettese