So I’ve learned that if you’re a retiree with little to no documented income, but plenty of assets, you can certainly get a mortgage to buy a house. And you can probably find a competitive interest rate. But you’ll need to shop around. Some mortgage brokers won’t be familiar with these asset-based kinds of loans.
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But as a result of a little-known change in underwriting rules, retirees may be able to use their nest egg to qualify for a new mortgage. See Also: How to Deal With Volatile Mortgage Rates
But you don’t need a job to get approved for a mortgage: Any income you’re receiving from pensions or Social Security will count, and if you’re taking regular withdrawals from your retirement.
Mortgage qualification requirements for retirees: Assets. Retirees often have significant assets, but limited income, so Fannie and Freddie have found ways to help retirees qualify based on their assets. Fannie Mae lets lenders use a borrower’s retirement assets in one of two ways to help them qualify for a mortgage.
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When you apply for credit, such as a mortgage. vote and get onto the electoral roll. Lenders use this to confirm that you live at the address given when you apply for credit and can give.
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Lenders allow retirement income when they approve mortgages. Borrowers must provide the retirement awards letter and proof of continuance for three years. Borrowers with pensions provide letters from the pension administrator stating if the pension is guaranteed for life for only for a certain amount of time.
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Even a very old person can get a mortgage. Whether it’s wise for elderly people to get mortgages and home loans is another question. Even a nonagenarian can get a mortgage.
If you’re of retirement age and want to supplement your income, you may want to consider a Home Equity Conversion Mortgage (HECM). A HECM is a reverse mortgage through the Federal Housing Authority.