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Personal Finances / Buying or Selling a Home


Subject:  Re: Mortgage Date:  8/6/2019  12:30 PM
Author:  Lakedog Number:  129233 of 129289

2gifts wrote:

I am retired but we have enough assets to pay cash for the house, I'm wondering how hard it would be to get a mortgage.

Check into an Asset Depletion mortgage. It is what we did a few years ago after being retired and having no earned income (Capital gains is not a salary). Has been perfect and we have made far more on it than the 3.25% rate we are on. Even though we pay interest, feels like we are living "free" in that principal continues to increase.

Basically, they take the sum of assets and divide by 360 and use that as your "monthly income" for loan calculation. Not everyone does them, ours is through Wells Fargo, I know a bad name to many, but they have been great for us. They were about the only ones willing to discuss the size of the loan we needed.

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