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How to get a mortgage if you are an older borrower | money.co.uk – Getting a mortgage can be more difficult when you get closer to retirement. Here is how to find one whether you want to move house or remortgage If you retire before you have finished paying off the mortgage, you will not have a regular salary any more. Your income will usually go down, meaning.
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Retired people and couples are a part of the home-buyer market and are treated the same when purchasing homes using mortgages. Obtaining a home loan after retirement is possible, although post-retirement income for single persons and couples will need to be verifiable and sufficient for qualification purposes.
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However, Freddie Mac recently introduced a rule to allow retirement assets to be used to qualify for a mortgage loan. "Lenders can look at your IRA and 401(k) and lump-sum retirement account distributions as income, but there are some restrictions," says Brad German, a spokesman for Freddie Mac in McLean, Virginia.
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Can I Get a Mortgage if I'm Retired? – Credit Sesame – How a retiree can qualify for a mortgage. The Equal Credit Opportunity Act prohibits lenders from denying mortgages to retirees if all standard criteria are met. First and foremost, you need a great credit score. Each lender sets its own minimum, but expect it to be between 720 and 760.
Get a personalized mortgage quote even if you’re retired. For retirees, assets can truly give them the edge because many won’t have a regular income except for a possible Social Security check. Freddie Mac allows retirees and others to use income from their retirement funds and other retirement assets to qualify for a loan.