Many retirees have struggled qualify for
a mortgage, finding their post-retirement monthly incomes aren’t sufficient
enough to get a loan under today’s tough underwriting standards. The problem
was particularly pronounced for retirees who were still making payments on car
loans, credit cards, or home equity lines of credit and who found they were
unable to qualify under today’s low “debt-to-income” standards.
But mortgage giant Freddie Mac is now
allowing retirees—and others—to use income from their 401(k), IRA, and other
retirement assets to qualify for a loan. So the retirement account balances can
be used to supplement their incomes for underwriting purposes. However, the
borrower must draw from those balances in order to get the mortgage.
I hope this information is useful.
Should you need assistance with any of your real estate
needs, please contact
Have a Supreme Day!
Sheila M. Wilkinson-Sanders
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