Like many Americans, Jennifer and her first husband, Bob, have agreed they want a divorce. Facing the reality she will be a single mother to her 4-year old son, Jennifer wants to get her financial house in order.
Jennifer earns a moderate
income working for an insurance company. She
and her husband jointly own their home, valued
at $169,000, with a monthly payment of $1,056
including principal, interest, taxes and insurance.
The mortgage has a 6.375 percent fixed rate
and a 30-year term. The balance is $114,000.
This report was prepared by John E. Saunders II, a certified senior adviser and wealth adviser with Cornerstone Advisors in Hagerstown, Md. He is a registered representative with Linsco/Private Ledger, Member FINRA/SIPC.