Author Topic: Getting a mortgage after retirement? Some other advice sought too  (Read 644 times)

HotTubes

  • 5 O'Clock Shadow
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  • Location: College town USA
My darling sister was laid off this week and I'm worried that she isn't considering all her options about what might happen and how to deal with it.
Edit: As I think about it, TMI about my sis; appreciate the one comment below
« Last Edit: April 20, 2020, 07:48:55 PM by HotTubes »

Fishindude

  • Magnum Stache
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Re: Getting a mortgage after retirement? Some other advice sought too
« Reply #1 on: April 20, 2020, 07:41:14 AM »
Concrete question:  assuming she doesn't get rehired, she needs a place to live.  She can move to a location where 100,000 will buy a clean, nice 2 bdrm condo - and she knows she needs to leave her 1200/mo apartment (in a higher cost of living area).  But how can she qualify for a mortgage if she isn't working (or is only working a $300/week retail job)?   I've read some old threads but nothing new.   The housing situation is what has her freaking out the most.

Could put some of her $400k savings in a CD at the bank where she wants to borrow, as collateral against the loan.

HotTubes

  • 5 O'Clock Shadow
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  • Posts: 64
  • Location: College town USA
Re: Getting a mortgage after retirement? Some other advice sought too
« Reply #2 on: April 20, 2020, 08:50:42 AM »
Great idea, thank you

« Last Edit: April 20, 2020, 07:49:21 PM by HotTubes »