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If you're planning to retire, you might have some trouble qualifying for a mortgage. Here's what lenders can — and can't — consider when approving you for a home loan.
For fixed-income boomers who’ve paid off their mortgage, property taxes and insurance are serious financial concerns. The average cost of property taxes is $1,815, while typical homeowners ...
More than a million mortgages have been issued in the past three years which home-buyers are set to still be repaying into pension age. The latest data shows that two in five new mortgages have ...
Loan type. Minimum credit score. Conventional loans. 620. FHA loans. 580 with 3.5% down payment, 500 with 10% down payment. VA loans. No minimum requirement, but generally 620
If you’re still working — and many seniors are, according to the recent Bankrate Retirement Savings Survey — that includes paystubs, W-2s and tax returns. If you’re retired, it might include:
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A 2022 study published in Oxford Academic revealed there were just 33,000 reverse mortgages originated during the same year when 609,000 seniors tapped into their home equity in other ways, such ...
While many understand it’s important to pay down loans, they’re often focusing on the wrong ones — prioritizing their mortgages, which have lower interest rates, rather than expensive high ...