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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.