QueenoftheSloths
Drama Llama
Member Since January 2004, 2,698 forum posts PeaNut Number: 122614 PeaBoard Title: StuckOnPeas
Posts: 5,955 
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Post by QueenoftheSloths on Apr 18, 2015 19:55:20 GMT
DH and I were discussing the future "5 year plan" and we would love to move. Neighborhood is not what it used to be. Our house is paid for, and looking at listings online just to get a feel for how much something we would prefer would cost, we would definitely be buying a much more expensive house, thus needing a mortgage.
I work, DH collects a pension, and will be getting social security starting next year. Is counting on social security a red flag to lenders or can our desire to move become reality?
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Post by MichyM on Apr 18, 2015 20:18:09 GMT
A quick google search shows that SS can be used as income to qualify for a mortgage.
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Deleted
Posts: 0
Apr 25, 2024 1:14:55 GMT
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Post by Deleted on Apr 18, 2015 20:40:42 GMT
I live in a retirement community where at least 50% or more of the residents are on social security. Most of those that have discussed it have said they have mortgages because of the low rates and having a better return on their money than sinking it into their home.
So yes, you can most definitely get a mortgage assuming you have other assets, etc.
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lindas
Pearl Clutcher
Posts: 4,146
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Post by lindas on Apr 18, 2015 20:46:17 GMT
My 86 yr old parents got a mortgage last year. It was only temporary until they sold their other home but they didn't have a problem.
DH was on social security disability when we bought our house and we didn't have a problem either.
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Deleted
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Apr 25, 2024 1:14:55 GMT
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Post by Deleted on Apr 18, 2015 21:46:34 GMT
Lenders cannot discriminate based on the source of the income. As long as it's legal and sufficient to service the debt, it's fine.
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