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How difficult is it to get a mortgage during retirement?
Posted on 4/1/25 at 9:29 pm
Posted on 4/1/25 at 9:29 pm
Planning retirement in next 9-12 months.
Have cash to buy in-full. However, playing around with some scenarios, including one scenario mortgaging 25% of home value and working positive spread / minimizing negative spread (% return less interest rate).
How difficult is it to get a mortgage once retired (at 55yo)?
Conventional loan
Credit very strong
Retirement portfolio projected to produce min 150% of retirement expenses (in significantly below market scenario - P90 case)
Monthly P&I / Monthly withdrawal = 12%
Pension + SS >100% retirement expenses at 70yo forward
Appreciate your insights!
Have cash to buy in-full. However, playing around with some scenarios, including one scenario mortgaging 25% of home value and working positive spread / minimizing negative spread (% return less interest rate).
How difficult is it to get a mortgage once retired (at 55yo)?
Conventional loan
Credit very strong
Retirement portfolio projected to produce min 150% of retirement expenses (in significantly below market scenario - P90 case)
Monthly P&I / Monthly withdrawal = 12%
Pension + SS >100% retirement expenses at 70yo forward
Appreciate your insights!
3
Posted on 4/2/25 at 6:15 am to Artificial Ignorance
Tell me about this land of “positive spread”. I want to move there.
Posted on 4/2/25 at 7:46 am to Artificial Ignorance
Not hard.
Income is SS and pension. You can supplement that income with a retirement account and a letter from your financial advisor stating you are taking x dollars from a retirement account (401k or IRA) every month. You have to document at least one withdrawal and the balance in the account must support the withdrawal for the next three years.
Income is SS and pension. You can supplement that income with a retirement account and a letter from your financial advisor stating you are taking x dollars from a retirement account (401k or IRA) every month. You have to document at least one withdrawal and the balance in the account must support the withdrawal for the next three years.
Posted on 4/2/25 at 8:00 am to Artificial Ignorance
quote:
Have cash to buy in-full.
You want have a problem.
Posted on 4/2/25 at 8:07 am to OTIS2
Thinking 30yr mortgage so will apportion commensurate amount of cash in portfolio to payoff mortgage over 30yr period and will therefore shift to more equity risk (w/intent of greater return that exceeds mortgage interest rate over said 30yrs). Positive spread is objective (but not guaranteed).
Posted on 4/2/25 at 1:09 pm to Artificial Ignorance
There's a point where a low mortgage is a higher risk and therefore a higher rate, I had this issue on some rental homes I bought pre business loan days. Its probably $150K or so now so you are probably fine. But just an FYI.
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