Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Useful Mortgage Planning
Old 02-20-2013, 07:34 AM   #1
Full time employment: Posting here.
Join Date: Jan 2008
Posts: 640
Useful Mortgage Planning

One of my big concerns with ER was getting a mortgage with no employment. After a lengthy discussion with a mortgage broker, I found out those worries were somewhat unfounded.

Turns out, all you need to do is set up an automatic monthly withdrawal deposited to your checking account and they will use that as your income. You must have enough assets for the withdrawals to last for 3 years and then you are good to go. Coupled with a good credit score, you should have no trouble getting a mortgage even though you are unemployed.

This was a big concern for me as I thought I might have to surrender a large portion of my retirement assets to purchase a home after a relocation. This was very good news.

One step closer!!!

NanoSour is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-20-2013, 07:36 AM   #2
Recycles dryer sheets
Join Date: Jan 2013
Posts: 117
Good to know. We planned to downsize our home at retirement and wanted the option of getting a mortgage if the rates are still low.

RetiringAt55 is offline   Reply With Quote
Old 02-20-2013, 11:43 PM   #3
Thinks s/he gets paid by the post
photoguy's Avatar
Join Date: Jun 2010
Posts: 2,301
Does the withdrawal have to be from a retirement account (e.g. 401k, Ira etc)?
photoguy is offline   Reply With Quote
Old 02-21-2013, 10:30 AM   #4
Full time employment: Posting here.
Join Date: Mar 2012
Location: seattle
Posts: 643
Do they investigate the fund source?
bld999 is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


All times are GMT -6. The time now is 03:02 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.