10 Reasons to Retire in North Carolina

10 Reasons to Retire in North Carolina

Take a moment to consider what your wishes are for this new chapter in your life. What you choose to do and where you choose to be should be aligned as closely as possible with these wishes to help you find personal fulfillment and comfort in your golden years.  What...

Should you rent or buy your home in retirement?

Should you rent or buy your home in retirement?

As with anything in life, the choice to rent or buy has its advantages and disadvantages. Read on to consider some of these to help you get closer to your final decision. Buying a house will always get you more for your money but it comes with its own risks. It’s...

7 Reasons Why Residents Love Corbinton at Kildaire Farm

7 Reasons Why Residents Love Corbinton at Kildaire Farm

In the past, the idea of retirement was much less exciting compared to now. These days, seniors are taking a fresh look at how they want to approach this new stage in their lives and are coming to find a great deal of appeal in the easygoing lifestyle that a retired...

The Golden Years in Cary, NC: Activities Ideas For Seniors

The Golden Years in Cary, NC: Activities Ideas For Seniors

Reaching a certain age doesn’t have to mean playing bingo and watching daytime TV for the rest of your days. Quite the opposite, in fact. While we tend to have a pretty pessimistic view towards aging, in reality, retirement can be an opportunity to invest in self-care...

A Happy Retirement: A Small Guide to Living Big

A Happy Retirement: A Small Guide to Living Big

Throughout life, we envision a time when all our years of professional and academic investment pay off. A time when we can sit in comfort and quiet knowing we’ve earned it, having put in the hard work, effort and long hours. It’s all too common that frustration and...

how to get a loan in retirement

How To Get a Home Loan in Retirement

Getting the house of your dreams for retirement doesn’t just have to be fantasy. It is true that once your income decreases, getting a mortgage loan becomes more challenging, but with planning and a proper strategy, it can be achieved. Age is not necessarily a defining criteria to qualify for a loan; instead, a lender will carefully analyze your Debt-To-Income ratio (DTI), credit history and other assets.  

Tips To Get a Home Loan in Retirement

  • Aim to have a credit score of 750 and above. This will give you an advantage when applying for loans.
  • Get the loan before you retire. You’re considered less of a risk for lenders if you apply for a loan while you’re still working with a steady income and not yet retired. If this remains constant for at least three years, your eligibility rises. So, keep your retirement plans to yourself as much as you can.
  • Carefully analyze your mortgage options. Do this with the help of a trusted counselor. You may qualify to get a mortgage based on income, for which lenders look at your records over the last two years. They will analyze your interests, social security, pension income and dividends that enter your accounts. Another way of qualifying is based on your assets but only do this with a reputable lender. If your account funds can stretch far enough to cover mortgage payments for the length of the loan, you may be eligible also.
  • Aim to secure other sources of stable income. The majority of retired people in the US solely rely on the federal pension, which barely covers their monthly expenses for a comfortable living. It’s wise to plan and set up other sources of stable income apart from this where you can.
  • Beware of scams. Seniors are usually a target for scams. Never sign out without an attorney or a trusted companion to help you through the paperwork.
  • Consider a highly-trusted co-applicant. For some lenders, adding co-applicants increases the chance of your loan being approved with a longer loan life and lower interest. Only choose a trusted person with a stable income and a good credit score.