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Useful Mortgage Planning
Old 02-20-2013, 07:34 AM   #1
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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!!!

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Old 02-20-2013, 07:36 AM   #2
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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.

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Old 02-20-2013, 11:43 PM   #3
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Does the withdrawal have to be from a retirement account (e.g. 401k, Ira etc)?
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Old 02-21-2013, 10:30 AM   #4
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Do they investigate the fund source?
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