Posted on: 19th Jul, 2011 11:17 pm
Hi… If I have excellent credit before retirement, will it become difficult to qualify for a mortgage which will be paid immediately after retirement?
Hi Gwaneth,
As far as I know, you will be able to get mortgage financing even after retirement if you can prove that your post-retirement income is sufficient to pay off your mortgage debt. If you want to use your annuity income to pay off the mortgage, you'll have to prove that this income will continue for at least three years. This is same in case of other sources of income like pensions, IRA and 401(k) distributions, and of course Social Security benefits. You'll have to submit the copies of paperwork proving what your income was at the time of your retirement.
Take care
As far as I know, you will be able to get mortgage financing even after retirement if you can prove that your post-retirement income is sufficient to pay off your mortgage debt. If you want to use your annuity income to pay off the mortgage, you'll have to prove that this income will continue for at least three years. This is same in case of other sources of income like pensions, IRA and 401(k) distributions, and of course Social Security benefits. You'll have to submit the copies of paperwork proving what your income was at the time of your retirement.
Take care
Trying to tell you that you'll be approved with great credit and no concurrent knowledge of your income is not really possible.
Let's put it this way...if your income in retirement is less than it is prior to retirement, you'll have a more difficult time in qualifying for a specific loan. For us to give you a precise answer isn't possible. Obviously, if you were seeking a smaller loan in retirement than you would have prior to retirement, the approval odds would improve.
Let's put it this way...if your income in retirement is less than it is prior to retirement, you'll have a more difficult time in qualifying for a specific loan. For us to give you a precise answer isn't possible. Obviously, if you were seeking a smaller loan in retirement than you would have prior to retirement, the approval odds would improve.
