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!!!
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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