Is a 55+ home a good Investment?

Is a 55+ home a good Investment?

Sep 27, 2022 |

Buying a house is a life changing event, which some people can’t even afford, especially youngsters. That is why it is such a difficult decision to make. There are expectations that need to be met because an investment entails a future profit. However, after 2008,...

Questions to ask when considering an Active Adult Community

Questions to ask when considering an Active Adult Community

Sep 27, 2022 |

While many retirees welcome the idea of moving to a retirement community with enthusiasm, others may be reluctant to take this big step. Moving to a retirement community entails a change of lifestyle. Hence, here are some important questions and inquiries you may be...

Skincare tips for 55+ adults

Skincare tips for 55+ adults

Sep 27, 2022 |

Skin Aging is a natural process that happens when the skin starts to lose its ability to regenerate itself. Pigmentation, lack of elasticity, and alteration on the collagen fibers are some of the signs that indicate that this process is beginning. But don’t panic!...

How to stay physically active in retirement

How to stay physically active in retirement

Sep 27, 2022 |

Many people mistakenly think that aging equals a less active lifestyle. On the contrary, this is a time in our lives when we finally have free time after years of hard work, and can enjoy activities we’ve been longing to do. Plus, these activities can have a positive...

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.