Financing in 21811>Question Details

Linda Winton, Home Buyer in Tucson, AZ

I am retired, with no "income," but with substantial investments and assets. Can I get a mortgage on a second home?

Asked by Linda Winton, Tucson, AZ Sun Dec 16, 2012

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Dunno. But my Aunt has an nice affordable home for sale in an over 50 community with beach amenities at 25 Federal Hill in Ocean Pines, MD!
0 votes Thank Flag Link Wed Sep 11, 2013
Dunno. But my Aunt has an nice affordable home for sale in an over 50 community with beach amenities at 25 Federal Hill in Ocean Pines, MD!
0 votes Thank Flag Link Wed Sep 11, 2013
Hi, Linda. Wells Fargo may use their asset dissipation underwriting guidelines to try and qualify you to purchase. There may be some other banks as well. I know for certain, Wells offer that option.
0 votes Thank Flag Link Tue Dec 25, 2012
Hi Linda, the best thing to do is talk to a mortgageprofessional. Your investment income may be sufficient if you are able to demonstrate that it's a continuing income allowing you to support the mortgage. I notice you are in AZ, if you need a Realtor in MD, please do not hesitate to contact me.
0 votes Thank Flag Link Sun Dec 16, 2012
Hi Linda,

You will probably need to purchase with cash or with a major down payment unless you have a source of income. However, real estate has proven itself to be the best long-term investment around so it might be wise to move some funds in that direction.
0 votes Thank Flag Link Sun Dec 16, 2012
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