Your retire life sounds really attractive, especially the sailing part!

Qualifying for a mortgage after working was easy. Keep you debt ratio down and your credit score up. //

I have a question for you about this. When I have gotten loans lately it is all about the monthly income, not your assets per se. I struggled with this last one but got through by tweeting a couple things that all related to monthly income/expenses, they could care less if I had millions in savings accounts( I don't)


But my father in law had this exact problem as they are retired on fixed income, and he couldn't get a decent loan on his house, got frustrated and just paid cash for it. He has waaaay more assets(liquid too) than I do, yet he could not qualify for a loan less than mine. Both of us have high credit scores so that wasn't a decider.


Anyway just wondering if you ran into that income trap when you got your prequal, or perhaps it doesn't affect you as you still get some income along with retirements?

Total aside, but this is exactly the same problem I have been having in the UK

I have just found one lender who will do a straight investment property mortgage and does not care about anything other than rent - bonus

It is a PITA though

The price of homes continue to rise in the areas that we have considered retiring to. These areas also tend to be great areas to rent out homes on VRBO or AirBnB. Some people mentioned tying up your finances, only you know if that is a real issue. For us it isn't, our issue is really that we know once we buy our retirement home, we will be counting the minutes until we can retire. We worry that we will lose a bit of focus on the tasks at hand and day dream ourselves into wanting to retire earlier than planned.

Hope that helps

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"your horse is too high" - tigerchik

I needed to show proof of assets along with income. That was simple enough to do. Since you are planning ahead think about doing what I did. Start withdrawing money from a retirement account on a monthly basis 6 months before you want your loan. Say you withdraw 2K - 4K per month. Of course it makes your income look larger which is what lenders want to see. That, coupled with SSI/pension/assets you have should be more than enough proof that you have a sufficient income to meet a mortgage payment. Once you get your home stop the withdrawals. Silly game to play.

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"The great pleasure in life is doing what people say you cannot do."

Start withdrawing money from a retirement account on a monthly basis 6 months before you want your loan. //

That is exactly what I did, but there was no 6 month lead time they needed. What they did want was to see whatever the amount, that I had at least 5 years at that rate..So basically divided my account by 60, took out a months worth and was good to go...But that is a good tip for the recently retired that are over 59 1/2, and then you can just stop it if you want once the loan is done...

I'll be 53 when I retire so I won't have the option of hitting my 401K and playing that game. Interesting though.

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Favorite Gear: Dimond | Cadex | Desoto Sport | Hoka One One

53? You are my hero!

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"The great pleasure in life is doing what people say you cannot do."

I'll be 53 when I retire so I won't have the option of hitting my 401K and playing that game. Interesting though.//

If it becomes imperative that you increase your income, here is another thing I did. My dad died and left my brother and I a house with a little equity, 100k or so. I had my brother sign a loan from him to me for 50k plus interest, and paid out over 5 years. So it meet all the requirements for monthly income, he made a couple payments to me so I could show the cancelled checks, and it was looked at just like retirement money..


So if you have some friendly relatives or friends that owe you money( who is to know if they do or not?)then you just draw up the papers, have them notarized and you are good to go..


The other thing you may consider if income is an issue, is to buy the house before you retire. They don't care about your future plans, they just want to see your current and past monthly salary. Time it so that you work a month or so after the loan closes, then turn in your papers and hit the road!!!

That would definitely be the plan if I don't decide to buy sooner. Ultimately, I hope that my retirement house savings plan + proceeds from current house pay for the entirety of the retirement house.

I will ignore your other comments about admitting to committing bank fraud to an FBI Agent. ;-)

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Favorite Gear: Dimond | Cadex | Desoto Sport | Hoka One One

That's hysterical.............

I'm going to set up a business, get investors, and pay dividends to first round investors from second round investors.........you want in?

Only if you’re a Nigerian prince.

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Favorite Gear: Dimond | Cadex | Desoto Sport | Hoka One One