I put other.
I paid off our house just prior to retiring...
And just after retiring applied for (and qualified for) a HELOC. Haven't tapped it. It's there in case I want to do income "smoothing" from one year to the next for tax or ACA purposes.
As far as qualifying for new debt when retired... we have small income (DH's ss, one rental income) and the rest is draw down from savings... Not only did we qualify for the HELOC with no issue. Just today I applied for a penfed visa (for the chip and PIN function) and qualified in about 10 seconds.
I paid off our house just prior to retiring...
And just after retiring applied for (and qualified for) a HELOC. Haven't tapped it. It's there in case I want to do income "smoothing" from one year to the next for tax or ACA purposes.
As far as qualifying for new debt when retired... we have small income (DH's ss, one rental income) and the rest is draw down from savings... Not only did we qualify for the HELOC with no issue. Just today I applied for a penfed visa (for the chip and PIN function) and qualified in about 10 seconds.