home mortgage based on retirement account (loan, loan, banks, stocks)

[ac82585]

I came across this article:

https://www.kiplinger.com/article/re...-mortgage.html

It spoke about there being a way to qualify for a mortgage based off of the amount of money in a retirement account.

I have asked a few banks already and they seem to have no idea about this. Does anyone know of a place that I can apply for this type of loan?

[Pfhtex]

Yes, sometimes called Declining Assets, this kind of loan has several types.

Basically, you look at either liquid assets, or retirement assets if you are of retirement age, and use a calculation that assesses your ability to make your payment without a job for x amount of time.

These loans are surprisingly easy to get if you have sufficient assets. Not a lot of extra paperwork or hoops to jump through.

[SmartMoney]

We have depleting assets. You have to have more than a few nickels for this to work. Let's say you had $360,000 in the bank. You want a 30 year loan, so we divide 360K by 360 months, for a monthly income of $1000. IRAs have their own calculation, value x .70/# of months. Stocks another calculation. It takes a pile of money to use assets as your sole income.

What's surprising is the number of people with this kind of wealth to support these mortgages.

[adjusterjack]

Here's another article:

https://www.thestreet.com/story/1222...ot-income.html