5/24/2013 – Mortgage giants make it easier for retirees to secure loans (Washington Post)

Here’s a heads-up for the growing ranks of seniors whose post-retirement monthly incomes aren’t sufficient to qualify for a mortgage under today’s tough underwriting standards: Thanks to a rule change by the largest players in the home loan business, you may be able to use imputed income from your 401(k), IRA and other retirement assets to qualify for the loan you want.

That, in turn, might open the door to a money-saving refinancing to a lower-rate loan or a downsizing purchase of a new house or condo.

Read the full article at the Washington Post.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *