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Old 01-16-2016, 01:11 PM
 
6,875 posts, read 7,270,643 times
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Side issue….sorry…
MathJack I thought you we NOT going to delay SS?

I know you'd gone back and forth on it and seen discussions pro and con here. Did I miss something?
Are you delaying all the way to 70, why?
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Old 01-16-2016, 01:48 PM
 
6,438 posts, read 3,066,921 times
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Quote:
Originally Posted by mathjak107 View Post
it is more a local bank kind of thing or state .

I think that's true. My sister has a small interest only home equity loan that either has to be paid off or refinanced in a few months. She's also adding onto her house to create an apt for my parents. They are paying for most of that, but we were looking at adding her costs which include so upgrades she's doing at the same time to the existing mortgage and refinancing.


I suspected it might be hard as she has no income and is living off life insurance proceeds since my BIL died. She has significant inherited assets, but she is delaying as long as possible distributions from those as well as SS.


She also has a friend who is a recently retired mortgage broker who told her she probably wouldn't be able to get a mortgage.


This is in Florida.


But, when we met with TIAA-CREF who holds the bulk of her assets, they told her they would give her the mortgage based on her assets.


They also told her check with a couple other local banks for their rates, indicating it wouldn't be a problem so she can make an educated decision.


They mainly deal with administering 403(b) plans for teachers and college professors, but they have a friends and family program so if you know anyone in that profession you might ask them.


Also, it appears to me from looking at some of their online stuff that the general public can take advantage of some of their products like online banking etc. Whether or not that includes mortgages when you don't have money invested with them, I'm not sure.


Their rate was very competitive.
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Old 01-16-2016, 02:33 PM
 
71,471 posts, read 71,652,652 times
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Quote:
Originally Posted by selhars View Post
Side issue….sorry…
MathJack I thought you we NOT going to delay SS?

I know you'd gone back and forth on it and seen discussions pro and con here. Did I miss something?
Are you delaying all the way to 70, why?
i wasn't going to delay but we had a consultation with our team at fidelity last month and they have their new social security optimizer tool now .

it runs a custom plan it thinks is best for you and shows you the difference in dollars and market dependency down the road .

if i delayed the dollars difference were quite significant . but the main thing our dependency on markets falls quite a bit .

the plan they came up with for us is pretty complex and is only good for us . i am 63 and marilyn is 65 and already collecting an early benefit at 62 .

she will file a suspend in 6 months and let hers grow until 70 .

at 70 she will file for her own . at that time i will be 67-10 months . i will file restricted application for 1/2 hers .

when i hit 70 i file for my own plus she gets a spousal adder of 4200.00 a year added to hers since 1/2 my full is more then her full .
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Old 01-16-2016, 02:47 PM
 
Location: Southern California
372 posts, read 447,880 times
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Quote:
Originally Posted by JRR View Post
I find this very interesting as I do the same; I take it out of the IRAs as we need it. I had figured that setting up a periodic withdrawal would not be acceptable as it can be changed at any time. As we move forward with our plans, this certainly be discussed with the mortgage people as I would rather do that then set up a couple of annuities.
We also set up fixed amounts of monthly withdrawals from our IRAs and showed a couple of months' worth of those distributions as backup. The lender then wanted to see that the IRAs from which we pulled would sustain withdrawals for 3 years.

This scenario was for proposed mortgages in CA and OR.
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Old 01-16-2016, 05:14 PM
 
Location: Boca Raton, FL
5,164 posts, read 8,687,150 times
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Smile From a mortgage broker in Florida

Quote:
Originally Posted by Corvette Ministries View Post
Sure seems that way. Specifically for New York. I wonder how I can find out what we need for Florida.
I'm a small Florida mortgage broker and you can DM me if you want, otherwise, I can tell you I have had loans in your situation turn out OK.

Each scenario is different however.
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Old 01-16-2016, 05:38 PM
 
Location: Port St. Lucie, Florida
4,288 posts, read 6,866,907 times
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I would highly suggest you talk to a lender in the State you are planning to move to.

Many lenders out of State actually do not understand the rules of other areas.

If you are thinking of moving to Florida I can recommend a lender here that can answer your questions.

and, no, it's not me.

Please private message me ...
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Old 01-16-2016, 05:41 PM
 
Location: Southern New Hampshire
7,216 posts, read 12,655,064 times
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Quote:
Originally Posted by mathjak107 View Post
in our case (nyc) the banks we went to said they could not say whether the underwriters would approve us taking a mortgage unless i did not delay social security .

even though we have a multiple 7 figure portfolio the company's and institutions that buy the mortgages from the banks have strict income requirements .

they do not accept income under your control for the most part .

they accept pensions ,ss, annuity's , even rental income . but not portfolio generated income .

they said if we can find a bank that does depletion of asset loans then we would be fine .

that is where the cut off 1/2 the value of the portfolio to allow for drops in markets , divide it by 360 and count tha answer as yearly income .

so far we found no local banks do that do depletion of asset loans so if need be we will just pay cash .
Mathjak, I'm assuming you meant they count the result as MONTHLY income since they divided by 360 (30 years)?

I have my own house plus a rental house (which I used to live in), which I am seriously thinking of keeping until retirement, when it will be mostly paid off (but that assumes that I continue to get great tenants). It would be great to be able to pay them both off just before I move to my retirement destination (looks like coastal Maine or England, at this point). I will have to pay taxes on the rental though.
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Old 01-16-2016, 05:56 PM
 
Location: Wisconsin
21,534 posts, read 43,972,276 times
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Quote:
Originally Posted by Corvette Ministries View Post
My wife and I are planning on retiring, moving to FL and buying a home. We’re both 60, so we don’t yet qualify for Social Security. Our assets include equity in our home, a pension, and several IRAs.

However, we are still probably going to need to get a mortgage. As our only regular monthly income will be from my pension until SS kicks in, how do lenders look at ones retirement assets to qualify retirees for a loan?

Do we need to convert some of our IRAs to annuities so we have a steady stream of income?
Quote:
Originally Posted by cdelena View Post
Although we had a substantial portfolio (much more than the home value) and we withdrew monthly it was not accepted as income as we controlled the timing and amount. I had to setup a periodic withdrawal through the brokerage company systems before it was counted as regular 'income' sufficient to meet the standards.

After the mortgage was approved and closed I changed the withdrawal parameters to suit my plan.

As near as I could tell there was no real underwriting done by the originator anymore, they just have to check all the boxes and get the ratios so the loan can be sold.
Quote:
Originally Posted by Goin' Coastal View Post
We also set up fixed amounts of monthly withdrawals from our IRAs and showed a couple of months' worth of those distributions as backup. The lender then wanted to see that the IRAs from which we pulled would sustain withdrawals for 3 years.

This scenario was for proposed mortgages in CA and OR.
In WI, lenders I talked with six years ago, required INCOME. They grossed up SS by 25%, I had to set up regular monthly IRA distributions (which I cancelled after the loan closed), just to satisfy the underwriting parameters. Examined bank statements w/fine tooth comb - where did this $300 come from, what about that $650, etc.?? (worried about people dealing drugs, that's what I was told) Copies of brokerage and bank statements, etc. A huge PITA. Loan officers I spoke with said assets didn't matter. They had people w/million dollar accounts. No income, no mortgage. Should have refi'd again a few years later to get a lower rate - but hoops and paperwork required - yet again - was just too much for me. Swore I'd never do it again.
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Old 01-17-2016, 06:57 AM
 
Location: Washington State
18,453 posts, read 9,554,421 times
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Quote:
Originally Posted by Goin' Coastal View Post
We also set up fixed amounts of monthly withdrawals from our IRAs and showed a couple of months' worth of those distributions as backup. The lender then wanted to see that the IRAs from which we pulled would sustain withdrawals for 3 years.

This scenario was for proposed mortgages in CA and OR.
I was curious about that and I spoke with a couple here in Washington state that did the same thing. They recently bought a house in the $700K range using this strategy after retirement.

Here's my question, I sold my house recently to my daughter and fronted the mortgage...will they count the mortgage as monthly income? I don't see why not.
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Old 01-17-2016, 07:59 AM
 
Location: Port St. Lucie, Florida
4,288 posts, read 6,866,907 times
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If you sold the house to your daughter, you no longer own it. The mtg is now debt to you, not income
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