Army, then fourteen years at Renton PDLicensed in five statesNo office hours
Retired, or getting close to it
If I am not working, how do I qualify?
This is the question I get more than any other, and it usually arrives with an apology attached. There is nothing to apologize for. It has answers.
Any of this sound familiar?
Retiring in three yearsA pension and not much else arrivingSelling the house the kids grew up inMoving closer to the grandchildrenMost of it sitting in the retirement accountRetiring in three yearsA pension and not much else arrivingSelling the house the kids grew up inMoving closer to the grandchildrenMost of it sitting in the retirement account
Still doing two days a weekSomebody told you to pay cashSomewhere with no stairsOne income stopped, one did notHelping a child buy at the same timeStill doing two days a weekSomebody told you to pay cashSomewhere with no stairsOne income stopped, one did notHelping a child buy at the same time
§What they tell you
Six things somebody has probably already said to you.
“You cannot get a mortgage if you are not working.”
Not working is not the same as not having income.
“A pension does not count like a wage.”
It counts. It is just looked at differently.
“Your retirement savings are irrelevant here.”
They can be the whole basis of it. Ask about asset depletion.
“You are too old for a thirty year loan.”
Age is not something a lender is allowed to hold against you.
“Paying cash is your only sensible option.”
It is one option. It should not be the only one on the table.
“Nobody lends to somebody with no payslip.”
Plenty do. It needs somebody who has done it before.
§Why I get it
I was on the other side of this before I did this.
5Years in the Army
2Deployments
14Years at Renton PD
5States licensed
Somebody spends a working life setting themselves up well, gets to the end of it, and then assumes the door has closed behind them. I hear it constantly from people three to five years out who have already decided the answer is no.
A paycheck is one kind of income. It is not the only kind a lender can look at, and which route fits depends entirely on what your situation actually is.
What I can tell you is that being retired is the beginning of a conversation and not the end of one.
§The words
Every word above worth explaining, and the ones coming next.
§What happens now
Bring me your scenario.
Not an application. A situation. Tell me what it actually looks like and I will tell you straight what I see.