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My husband and I are retiring next year. We owe $137,000 on our mortgage and want to downsize our home. Will we be able to secure a new loan after retiring?

Should we begin now to sell and relocate for credit history purposes, etc? My husband has been self-employed for several years. I have worked with the same company for that same period of time.

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  Answers  |  1

May 23, 2016

Securing a new loan in the future will be dependent on being able to qualify for the amount you will want or need. If the income sources will be limited to his self-employment income, then this is the income you will be able to use to qualify. If you have other sources of income (such as Social Security, a pension, or your job, then you should be able to use these sources as well.
M

mnimmo | 05.23.16 @ 18:06

Thank you!

$commenter.renderDisplayableName() | 02.19.17 @ 16:58

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