Retirement and Your Mortgage Loan Needs
In a perfect world, retirement is the ultimate goal. You don't have to worry about working to make ends meet anymore. Your retirement funds cover your living expenses. You can simply relax and enjoy the fruits of your many years of labor. In reality? That picture perfect dream isn't always obtained. Retirees may own houses and cars, but that doesn't mean they couldn't benefit from a loan for some reason or another. From paying for emergency expenses to providing tax benefits, a mortgage loan can offer great benefits to retired seniors.
Retirees Need Money Too
Seniors may have an expensive medical emergency, discover their home needs a major renovation or decide to help an adult child with expenses. Other times, seniors may pursue a loan for a better interest rate or to maximize tax savings. Often times, retirees apply for loans to refinance their mortgage, to downsize to a smaller home or to buy a second home. Regardless of the reason a retiree may be interested in getting a loan, the application process is the same for retirees and working adults. However, retirees may have a harder time demonstrating their ability to repay.
Why Mortgage Lending?
While many forms of income in retirement, such as money from traditional 401(k)s and IRAs, may not be taxable, retirees may still find they owe federal taxes on a portion of their Social Security or on gains from other investment income. Deducting interest from a mortgage can help offset those tax liabilities. Plus, a home equity line of credit or refinancing a home loan can provide seniors a source of cash that doesn't require them to liquidate other investments.
Getting Approved for the Loan
Just as with any applicant, lenders will evaluate senior applicants on the same three criteria they use for younger borrowers: income, assets and credit. Of this criteria, income is most problematic for some senior borrowers since they may not have a verifiable consistent income outside of their social security or pension. Social Security or pension payments alone may not be sufficient to qualify them for a loan. At this point, assets can stand in as sufficient collateral. This is where a home equity line of credit may be the best option for funds.
Trust MHQ Mortgage Headquarters for Your Mortgage Loan Needs!
We understand that as a retiree, you may at times need access to funds for a number of different reasons. We also understand that getting those funds isn't always easy in your particular position. When deciding what type of loan is best for you, it is important to consider how you will use the money and how you intend to pay it off. Do you need money in one lump sum or intermittent over several months or years? Do you want a fixed interest rate so you can repay your loan in precise monthly installments or would you rather have the flexibility to make any size payment above the interest-only minimum? In today’s competitive market, there are many options available. MHQ Mortgage Headquarters will help you find the right mortgage product for your retirement lifestyle and financial needs.
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
Website - www.MHQMortgage.com
Retirees Need Money Too
Seniors may have an expensive medical emergency, discover their home needs a major renovation or decide to help an adult child with expenses. Other times, seniors may pursue a loan for a better interest rate or to maximize tax savings. Often times, retirees apply for loans to refinance their mortgage, to downsize to a smaller home or to buy a second home. Regardless of the reason a retiree may be interested in getting a loan, the application process is the same for retirees and working adults. However, retirees may have a harder time demonstrating their ability to repay.
Why Mortgage Lending?
While many forms of income in retirement, such as money from traditional 401(k)s and IRAs, may not be taxable, retirees may still find they owe federal taxes on a portion of their Social Security or on gains from other investment income. Deducting interest from a mortgage can help offset those tax liabilities. Plus, a home equity line of credit or refinancing a home loan can provide seniors a source of cash that doesn't require them to liquidate other investments.
Getting Approved for the Loan
Just as with any applicant, lenders will evaluate senior applicants on the same three criteria they use for younger borrowers: income, assets and credit. Of this criteria, income is most problematic for some senior borrowers since they may not have a verifiable consistent income outside of their social security or pension. Social Security or pension payments alone may not be sufficient to qualify them for a loan. At this point, assets can stand in as sufficient collateral. This is where a home equity line of credit may be the best option for funds.Trust MHQ Mortgage Headquarters for Your Mortgage Loan Needs!
We understand that as a retiree, you may at times need access to funds for a number of different reasons. We also understand that getting those funds isn't always easy in your particular position. When deciding what type of loan is best for you, it is important to consider how you will use the money and how you intend to pay it off. Do you need money in one lump sum or intermittent over several months or years? Do you want a fixed interest rate so you can repay your loan in precise monthly installments or would you rather have the flexibility to make any size payment above the interest-only minimum? In today’s competitive market, there are many options available. MHQ Mortgage Headquarters will help you find the right mortgage product for your retirement lifestyle and financial needs.
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
Website - www.MHQMortgage.com
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