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Its a good question. I was really surprised to hear I'm going to have trouble getting a mortgage after retirement. Not sure about car loans?
That depends on your credit. My credit score is lower than my husband's, not by a lot, maybe 20 points, give or take. So when I applied to buy a new car last September (age 66), I expected to have to put it all in my husband's name. The dealership ran my credit and said, "Pffft, no problem in either name AND you qualify for 0% interest."
First time we bought a car not paying cash in full. That's right, I'd saved for each car purchase and already had put away a couple thousand getting ready to buy a newer car in 2 years but we were in a pinch and needed a car NOW. It was an amazing experience - started looking on a Thursday, drove home in new car on Saturday!
Never had a problem. They never asked, I never told. They will cancel a card due to non-use. They've done that to me many times. I've actually gotten new cards since retirement, offered to me - I never asked.
You'd be better off looking into whether you can get an EBT card now that your income is less(?). If you can hide your retirement accounts, etc., that's a couple hundred bucks free income every month and it rolls over. My neighbors have one and own two homes and three cars, and eat out at expensive restaurants all the time. You just have to have a place to hide the assets.
Its a good question. I was really surprised to hear I'm going to have trouble getting a mortgage after retirement. Not sure about car loans?
Yes, I've read that in order to get a mortgage, it doesn't matter how much $ you have in retirement accounts. What matters is income.
I just sold my house & will be buying another. I was considering getting a short term mortgage, and keeping the cash in the bank...I thought it might be better financially, since loan rates are so low. Then I read you have to have income. While I do have income, it's from investments and not guaranteed, and fluctuates. So I plan on buying in cash.
Others have said that you have to have "income," to qualify for a mortgage. It doesn't matter if you have plenty of $ in retirement accounts. So it would have to be enough reliable verifiable income to qualify for a mortgage. You may have that, but many don't. They just have the $ from the sale of their prior home.
Others have said that you have to have "income," to qualify for a mortgage. It doesn't matter if you have plenty of $ in retirement accounts. So it would have to be enough reliable verifiable income to qualify for a mortgage. You may have that, but many don't. They just have the $ from the sale of their prior home.
Ah--I see. I suppose the proceeds from the sale of the home could almost buy a new, smaller home or condo, however. I would hope so.
That depends on your credit. My credit score is lower than my husband's, not by a lot, maybe 20 points, give or take. So when I applied to buy a new car last September (age 66), I expected to have to put it all in my husband's name. The dealership ran my credit and said, "Pffft, no problem in either name AND you qualify for 0% interest."
First time we bought a car not paying cash in full. That's right, I'd saved for each car purchase and already had put away a couple thousand getting ready to buy a newer car in 2 years but we were in a pinch and needed a car NOW. It was an amazing experience - started looking on a Thursday, drove home in new car on Saturday!
How did that work? Do you have SS and other income, so although retired, you have verifiable income, the same as if you worked?
I have an excellent credit score. It usu. hovers just under 800. It used to be 814, but I let one card expire because I never used it. I didn't know that affected your score. Apparently "available credit" is a big part of the score, because they do a debt to available credit ratio.
Ah--I see. I suppose the proceeds from the sale of the home could almost buy a new, smaller home or condo, however. I would hope so.
I think a lot of people buy down, when they retire, if they move at all. I just sold my home and am buying down. I'll have $ left over to add to my retirement accounts, because I don't need a pricey home for retirement. Or at least, I'd rather have the cash left over than pay for a pricey home.
I don't know about the person you're responding to, but most people have lower income after they retire. They have more cash from sale of existing home than income. That's the case with me. I will never have the kind of income I had when I worked.
I've heard that income is what counts for a mortgage, not $ in accounts. Verifiable income. Social Security, pension, annuity, whatever. I don't claim SS yet, and altho I have investment income, it's investment income and therefore not stable like a paycheck.
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