How to prepare for moving to a retirement community

How to prepare for moving to a retirement community

While many retirees meet the idea of moving to a retirement community with enthusiasm, this is a difficult decision to make for a lot of people, usually due to emotional ties with their previous homes or because of misconceptions about what moving to a retirement...

What’s the cost of retirement?

What’s the cost of retirement?

Saving up for retirement is a constant concern for many Americans. According to the National Institute on Retirement Security (NIRS), more than 75% of Americans have retirement savings that fall short of conservative savings targets, and 21% aren’t saving at all....

Cary vs. Raleigh: where should you retire?

Cary vs. Raleigh: where should you retire?

The Triangle area in North Carolina comprises the Raleigh-Cary and Durham-Chapel Hill Metropolitan Statistical Areas and the Henderson Micropolitan Statistical Area. Anchored by three major research universities -North Carolina State University, Duke University and...

How can you save money living in a 55+ Active Adult Community?

How can you save money living in a 55+ Active Adult Community?

Specialized care, a wide range of amenities, tailored recreation and home maintenance taken care of for you not only sound attractive, but they also sound expensive. Living in an Active Adult Community is often associated with high costs and numerous fees in exchange...

Retiring in Raleigh: life and benefits for the 55+

Retiring in Raleigh: life and benefits for the 55+

Let’s go over the checklist of things your perfect place for retirement must have: High-quality health care providers. Cultural amenities and academic resources. Entertainment. Access to plenty of green spaces. Affordable housing. Start reading this article with your...

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.