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Author: dbyost Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19224  
Subject: Can retired folk get a loan? Date: 12/6/2001 6:53 PM
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I retired a few years ago and I've been trying to drive my taxable income as low as possible. Sounds fun, eh?
A month ago I ran into a situation I didn't expect. I applied for an extension (increased line of credit) of a revolving home equity loan and even though I have assets, including the equity in my house, that could cover the loan limit more than ten times over, I 'couldn't qualify' because my 'income was too low'.
I was applying at the bank that held the existing equity line of credit. I'm sure I'm not the first retired person living off my investments to apply for a loan, any ideas on how to approach it? - David
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