Retired and Purchasing a Home in the Desert? Did you know that there are several solutions for borrowing money for a mortgage, even if you are retired? Our preferred lender, Dean Rathbun with United American Mortgage, works in this arena often so I checked with him how he does it:
Dean Rathbun is able to use income from many various retirement tools. For instance, lenders can use pensions, social security income, annuities and monthly distributions from IRA/Retirement accounts. There is also a way they can use an “asset depletion” calculation when a borrower has substantial assets.
Another great option many people forget about is a Reverse Mortgage. If you are over 59 ½ a reverse mortgage may be right for you. There is no monthly mortgage payment required on one of those loans, but you are actually allowed to make a monthly payment if you want.
All these are a great way to have flexibility when Retired and purchasing a home in the Desert.