Retiree Mortgage Solutions
Retirement doesn't mean you can't buy your dream home or downsize. We use creative income strategies to get retirees approved without a traditional paycheck.
The Expert Advice
Lenders are prohibited from discriminating based on age. If your Social Security, Pension, and IRA distributions cover the payment, you are just as qualified as someone with a job. We can even "gross up" tax-free income by 25%.
The Real Problem
The "Liquidity" Trap. Many retirees have millions in 401ks but low monthly distributions. Standard banks might decline you because your "monthly income" looks low. We use Asset Depletion to turn those millions into qualifying income.
Social Security
We use your benefit award letter. If it's tax-free, we count $1.25 for every $1 you receive.
Asset Depletion
We divide your total retirement assets by 360 months and count that as "income" for your application.
IRA/401k
Regular distributions are treated exactly like a salary as long as they've been consistent for 2 months.
Retiree Decision Framework
Scenario: Downsizing with Equity
You sold your big family home for $600k and want to buy a $400k condo. Use $200k as a down payment and finance the rest to keep your cash liquid for travel and healthcare.
Scenario: The "Asset Rich" Retiree
You have $2M in assets but only take $3,000/mo in Social Security. We'll use your assets to "create" the extra income needed for a larger purchase.