When you retire, you’ll want to live comfortably. A right-sized home in your favorite location is part of that vision. Unfortunately, many people believe that buying a home isn’t in the cards after retirement.
Don’t give in to this thinking! As long as you have the means, your real estate goals don’t have to retire when you do.
If retirement is on the horizon, chat with us! At MortgageDepot, we’ll help you tackle your borrowing barriers and find a mortgage product that doesn’t cast a shadow on the best years of your life.
Timing is Everything
When looking for a home, timing is a tricky barrier that almost all borrowers face. If you wait for the “perfect time” to purchase a home, you’ll never reach your real estate goals!
What if you’re newly retired? Do you need to put house hunting and mortgage shopping on hold until your retirement income begins? Not necessarily!
Here’s a tidbit of info that we want to share with our newly-retired borrowers: If you are recently retired, you don’t need to wait for your retirement benefits to kick in before you close on a new home.
Mortgage Requirements for Newly-Retired Borrowers
What happens if the perfect home presents itself after you’ve said goodbye to the working world but before your retirement benefits kick in? You can still qualify for a mortgage as long as you meet these requirements:
- You must provide documentation describing the finalized terms of your retirement income. A Social Security award letter or a company pension letter will check this box.
- Your retirement income must begin before your first mortgage payment is due.
A Word on Retirement Income
When you retire, you’ll probably find yourself combining income from several sources. In addition to your Social Security award letter and company pension letter, don’t forget to bring proof of these income sources:
- Survivor’s benefits
- Retirement accounts
- Investment funds
- Annuities
Contact Us Today!
We understand that retirees face unique challenges compared to other borrowers. These challenges don’t need to stop you from buying a home! If you’re shopping for a mortgage while waiting for your retirement income to begin, contact us. We’ll help you determine what you need to make your real estate goals happen!
Connect with one of our loan consultants to learn more.
Have questions or need help?
Call us now at 800-220-LOAN
Request a call back or email us your questions!
