Posted on Apr 15, 2021
Retired and house hunting? How to finance your next home purchase
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"Retirees who are considering a move that involves buying a home may want to consider how they’d finance the purchase.
It can be tricky for seniors to get a mortgage in retirement, said Al Bingham, a mortgage loan officer with Momentum Loans in Sandy, Utah."
It can be tricky for seniors to get a mortgage in retirement, said Al Bingham, a mortgage loan officer with Momentum Loans in Sandy, Utah."
Retired and house hunting? How to finance your next home purchase
Posted from cnbc.com
Retirement
Home
Real estate
Personal Finance
Posted >1 y ago
Responses: 3
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It really can be tricky. We replaced rental income with investment income (dividends) and that income couldn't be counted until we had two years experience earning it.
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Those of us that purchased a mobile home 20 years ago at 10.5% interest living in the country on 10 acres, trying to find anybody to refinance at a lower interest rate is impossible. Been paying on it for 20 years and still owe $60,000 Originally started out at $75,000 with an original payment of $766 a month and since then ending up being charged $895 a month due to extra addon's by the present loan company. I say present because my account has been sold 3 times.
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COL David Turk
Have you tried credit Unions? Seems like a personal loan would be less than 10%. If you haven’t tried in the last year, you may want to try again as lending has loosened up a little. Also try military oriented banks/loan companies. Have you tried getting a VA loan?
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COL David Turk
COL David Turk - Check out AAFMA online. They strictly for military types. So is USAA, but they are not the user friendly organization they used to be.
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