I plan on retiring in a couple of years and then relocating. I will not be working after I retire. Since most mortgage qualifying information revolves around one's employment income, is it possible to qualify for a mortgage based only on my savings and payments from Social Security?
2007-07-16 01:07:53 · 7 answers · asked by fredbarbs66 2 in Business & Finance ➔ Renting & Real Estate
A lender is only looking for sufficient resources to be able to make the payments, that's all. For the average buyer that would be your paycheck but if you have sufficient retirement income from any source you won't have any problem qualifying.
Ignore the nasty remark at the top. He doesn't know what he's talking about. Age discrimination is illegal in the US. My Dad got a mortgage when he was in his 70s.
2007-07-16 01:20:20 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
I sold a house to a guy a fives years back and he was 90 years old. He got a thirty year mortgage! The loan officer said that it is illegal to discriminate based on age. That man still had a job with sufficient income to qualify.
The mortgage company will use your SS income and any interest income from your savings to help you qualify. The more you put down the less they are worried about qualifying, so put as much down as you can comfortably do. If that would make it difficult for you then you might consider getting the house and mortgage now-maybe rent it out until you retire.
2007-07-16 02:15:14 · answer #2 · answered by glenn 7 · 2⤊ 1⤋
it is going to be a protection internet and bring up the income shrink. putting it interior the inventory industry could be some distance too risky. permit human beings try this on their own like a lot of them already do. The Social protection device has worked properly for Senior electorate who want it to outlive so some distance, why destroy a powerful factor? I consider Zardoz, provide up borrowing from it to pay for different classes. And, Gerbil is likewise correct, ALL income might desire to be taxed with a social protection tax. That way there could be no subject with investment social protection.
2016-10-03 22:15:36 · answer #3 · answered by ? 4 · 0⤊ 0⤋
It really depends on how much money you can "put down" on the house price. I doubt that you could get a normal 20% mortgage, but if you have a big next egg and you want to apply it to the loan (say for half-or-more of the house price), you very well might get the loan.
2007-07-16 01:20:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It doesn't matter that you can make the monthly payments,when you haven't enough time left in your life expectancy to pay the full amount back! The shortest mortgage is for 15 years and they don't offer them to retired people!
2007-07-16 01:13:45 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Your interest from savings is not going to count, as you could give it away next week. The rest of it does thought, SS, pension.
2007-07-16 01:38:09 · answer #6 · answered by Landlord 7 · 0⤊ 2⤋
If you savings is high enough, you may find someone who will approve you.
The bottom line is that bank wants to know that you can make the month.
2007-07-16 01:56:36 · answer #7 · answered by Anonymous · 0⤊ 2⤋