Asked by brweld  |  Submitted March 01, 2016

My wife and I are trying to buy a house, we both are retired and without jobs. What can we do or how can we solve this?

We just started a new business this week and have jobs waiting to be completed. We have great credit, many assets, from rental homes to a producing farm, royalties, and stock market investments. Next year I can draw Social Security, and I have a large annuity coming in 6 yrs. We have found a home to bid on but can't get financing thru normal avenues becuase we do not have jobs. What can we do or how can we solve this?

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  Answers  |  2

March 02, 2016

If you're spouse are 62 or older you could qualify for a reverse mortgage purchase. You could use income from the rentals and that may cover the mandatory taxes and insurance. It would be something you could talk over with a lender, they should be able to help you out.

$commenter.renderDisplayableName() | 01.20.17 @ 14:19

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March 02, 2016

Income is required to get financing, not employment. While future income (annuity and social security) aren't viable qualifying income, but rental income , royalties, and capital gains can be. Have you asked a veteran lender to look over your tax returns to calculate your qualifying income per Fannie Mae guidelines? Anyone who just says "you need a job" either doesn't comprehend guidelines or understand how to calculate qualifying income. Feel free to contact me through my profile if you like, I write loans nationally. Thanks, Ted

$commenter.renderDisplayableName() | 01.20.17 @ 14:19

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