Financing in Scottsdale>Question Details

Tazberry, Home Buyer in Oro Valley, AZ

I'm in the process of retiring. Will I qualify for a mortgage 6 months before I start receiving my pension &?

Asked by Tazberry, Oro Valley, AZ Thu Jun 25, 2009

ss? My credit is outstanding.

Help the community by answering this question:

Answers

5
Have you considered using a Reverse Mortgage to purchase a home. It is not based on income or credit , just your age and the appraised value. If you are 62 or older and have the shortage of what the value of the home is and the amount the reverse will cover. You could purchase your home and never have to make a mortgage payment . The loans become due when the house sells or you pass-if the house is worth less than what it sells for, the bank takes the loss. Reverse Mortgages do not take the home.
0 votes Thank Flag Link Tue Apr 20, 2010
good morning..retiring or not, your current credit and credentials will be assessed now for pre-approval purposes......the only exception might be if you accepted a buy-out from your employer and have a spike in your personal bank account reflecting a large deposit......if not..i would go for a pre-approval with a lender in your area right away....base the housepayment target on what you want to pay after you retire, not neccessarily what you qualify for now.....best regards......bob mcclure- success mortgage partners- plymouth, michigan....
0 votes Thank Flag Link Mon Jun 29, 2009
Thanks for your inquiry!

Please take a moment to call a lender on my site(Bryan Sheets)! He will need more questions answered to better serve you! He has awesome referrals and has been in the business over 14 years!

Lucinda Tkach
Windermere Central
602-799-6846
0 votes Thank Flag Link Mon Jun 29, 2009
Tazberry -
There really is more information needed to answer your question. Are you referring to a loan to purchase a home?

If so, it would depend on your debt to income ratios now and after retirement. Most automated underwriting systems will only be asking for paystubs and W2 statements. However, most lenders are at minimum going to do a verbal employment verification if not a full written one. If your employer makes any reference to your pending retirement, the lender will want to have documentation of your retirement income to properly calculate your debt-to-income ratios. If there is no reference to your retirement, you'll probably be fine if you're just using your current income to qualify. If your income is somehow increasing when you start receiving your pension and you are trying to use that higher income to qualify, then you may have a problem.

Your question is not one that is a short, simple answer, but I'd be happy to dive deeper into it so you can have a thorough and correct evaluation of your situation.

Good luck!
Brian Cardenas
President / Mortgage Consultant
Antigua Capital Funding
Email: brianc@antiguacapital.com
0 votes Thank Flag Link Thu Jun 25, 2009
Tazberry,

Yes.

But there are circumstances involved...


Stew Keene
Signature Realty Group
2008-2009 Master of Real Estate Award
0 votes Thank Flag Link Thu Jun 25, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer