Can planned IRA withdrawals count as income in determining approval for a home equity loan ?
Retired. About 80% of our income comes from annual IRA withdrawals. Will this be a problem when applying for a home equity loan ?
Shouldnt be a problem so long as you have at least a 2 yr history (document through signed tax returns) of withdrawals from your IRA. Lenders are just looking for documentable consistency with regards to your income
Great question. If you are looking to re-finance, you should be talking to your existing lender or a qualified lending institution. Allow me to suggest Ruth Falcone at Trident Mortgage Company.
http://ruthfalcone.tridentmortgage.com/
Good luck and if you or one of your family, freinds or associates ever need a realtor in the area, please consider my services.
Mike Melroy
Need to show consistency and regularity of distributions, which it appears you shouldn't have trouble substantiating, in order for the money to count as income.
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