Meet Jerry. He just retired from his job as an engineer in New York and is looking to move down to the sunny shores of Florida. There is one problem though, he doesn’t have any income anymore since he just retired. Lucky for Jerry we can use his retirement assets to help him move away from the cold winters of New York and enjoy his new home on the nice sunny beaches of Florida.

This is quite a common occurrence especially with people working up north with generally better pay and moving to Florida with a cheaper cost of living but more importantly the better weather. Jerry has worked hard all his life, and, in this time, he has built up his money in his employer’s 401k account. When Jerry left his job he transferred his money to an IRA. So, once he has an IRA, we can customize his income to qualify for a mortgage.

We can tailor the size of the distributions to what the monthly payment on the mortgage is to best suit your needs. We would just need verification of the money moving from the 401k to the IRA. We would also need proof that you take the monthly distributions out of your IRA and voila, you now qualify to purchase your home.

Florida is a hotbed for retirees so it’s very common that people will come to us with little to no income but have retirement assets. Qualifying for a mortgage can be a challenge so if you need the extra boost to your mortgage income to qualify this is a great option to do so.

If you are interested in using retirement assets to help buy a home, contact Chissell Mortgage today at (727) 376-6900. You can also visit us at https://www.chissellmg.com/ for more information. 

NMLS ID: 327290; NMLS ID: 2062741

Equal Housing Opportunity