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Need cash out of my house with no income to verify.
Old 07-25-2011, 06:10 AM   #1
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Need cash out of my house with no income to verify.

My house is paid for and I am looking to take back some of the equity for home improvements and some personal things. I've just started a business that is doing well but, I've been on the sidelines as far as work goes for a few years (> 2). My question is: What products are out there for non-verification of employment that will enable me to do this? My credit is considered excellent but, save for many years of good income in the 80's & 90's, income hasn't been flowing for the past few years. Thanks for the help....

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Old 07-25-2011, 11:32 AM   #2
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Have you taken any distributions from your qualified plans (401(k), IRA, etc.) in those two years? Or have you converted anything to a ROTH IRA? Odd as it sounds, since those are taxable events, they count as "income" to the financial institutions. Bizarre, but true. Went through this when seeking a mortgage 2 years ago. It looked bleak until they looked at my 1040s and saw significant "income" because I converted TIRAs to ROTHs.

Taking the money for wine, women and song counts too even though it depletes your assets!!! No wonder we are in trouble.
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