Posted on: 13th Feb, 2013 01:10 am
Hi there… I want to buy a home with a price range of $30 - $60k. I have a lump sum amount saved in my savings. But at present I don’t have a job. Will I be able to get a mortgage?
Well, the ground reality remains that no job means no steady source of income, and without any steady source of income the mortgage lenders aren't likely to be kind to you.
Employment isn't considered with a Reverse Mortgage - you can purchase a home without any problems if you're 62 or older.
You have to somehow prove your lender that you have some steady and regular source of income so that you can repay your mortgages. Otherwise, it would be difficult to get the approval.