It will be hard unless you have a high pension plan with a decent monthly amount plus investment or life insurance you can try to obtain a not so high mortgage . But if you don`t have all of the above you most likely will need a guarantor if you want to get approved.

I am sure that if you have a big enough life insurance bank will most likely give you a mortgage but not the 25 year amortization . Is might be 5 or 10 years amortization which will double your monthly payment. For example; if you purchase a 300,000 home or condo and will need 250,000 mortgage your monthly payment for 5 year fixe 30 years amortization is going to be 1560$ and with 10 year amortization the monthly payment will be 2800$. With 5 years amortization the monthly payment is going to be about 4800 per month. So the shorter amortization the large the monthly payment. If you have a guarantor or assets to show which can act as a collateral then your mortgage application will go smoother.

Hello Billie, Retirement is a wondrous time to relax and peruse the hobbies and dreams that a full work day will not allow. Retirement is seen by the banks as a good thing as long as you are able to make ends meet with your (in most cases) reduced monthly income. If you are with your current bank and do not wish to change homes, refinance or move your mortgage to another lender they will never try and re qualify you for your current mortgage as long as your payments are made on time. That means when your mortgage comes up for renewal they will ask you to resign with them and your signature is all that is needed to continue with the same lender and a new mortgage term. If you find that you are not able to sustain your monthly carrying costs or that your home is too large for your needs you can always downsize. This will however require a new re-approval. The good news is that Retirement income and any income that you claim on your income taxes ( ie investment income) is considered by the lenders for their calculations. Each lender has their own specific guidelines however and it would be best to research each one. If you like I would be happy to give you some advice on the possibility of re-approval given your unique financial situation. This goes for any reader who has similar questions or concerns. Give me a call anytime: Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

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My father would like to help us purchase our first home by co-signing on the loan for us. (yes, we both understand the implications of him being a co-signer on the mortgage). he is retired and living on his pension (not collecting ss just yet). is this possible on a fha mortgage?

If the mortgage loan bank/lender is okay with it, then they will decide. He will have to provide financial statements, of course.

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My father has recently retired,he is 69,a widower and has a mortgage.what help can he expect to get?will he receive council tax benefit and any help towards paying the interest on his mortgage?i'm really worried he will have to give up his home.

Best advice I can give is to see your local CAB.

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How can i claim the interest and taxes paid on the mortgage? if they add me to the title would i be able to claim it?

They can sell you the house for $1. /

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With the current economic problems, should i be borrowing money? i know i can afford to make the payments just from a military retirement paycheck. but what is going to happen w/ prop taxes and will there be any renters? issue is i have plenty people out of work that are will to do the repairs rather cheap. va offering great re-fi rates too. undecided

I would refi and make the repairs, since it sounds as if you could comfortably make the payments. This would also help the people you know who need work, but be wary of who you hire. Sometimes the cheaper the bid, the shabbier the work or work ethic of the person you hire. As far as renters, as long as you price your rental fairly, there is going to be no shortage of renters due to a lot of people losing their homes, or leaving them due to inability to pay their mortgages. I really cannot address property taxes, hopefully those won't go too far up to compensate for the amount of empty houses..but, even if the bank owns these homes someone is paying the taxes (banks) This is why banks want to avoid foreclosure at all cost. (or should!)

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I am 28 in the uk. i haven't got a mortgage. when i am retired and living probably in private rented accommodation, who pays the rent? or what about if you haven't finished paying off your mortgage but have to retire? i'm planning for my future! i am probably never going to have a mortgage. so how do i cope with the rent?

Hi, in the UK, you will actually get a very small state pension - if you are 28 now, let's face it, it will hardly be worth anything by the time you retire (I'm 35 and not counting on the state either). I doubt it will be enough to cover bills, let alone food and housing. What you need to do in the very near future is start a private pension - it could be with your employer if you work (usually better as they often contribute a little for you, my employer does), or it could be a personal one. If you can, go and see an independent financial adviser to help you choose the right product as there are just so many out there. But you can't just rely on that either, as some pension funds have done badly in the past, so you also need to do some long term savings - an ISA is a good start, and you can put up to £3600 cash each year. Once you have saved enough, you may want to invest it in a property - I know it looks impossible for the moment, but remember that prices are coming down and you are still very young - if you save for a deposit for the next 7 years, you can then take a 25 years mortgage and it will be paid off when you are 60 - ready for retirement! If you haven't finished paying your mortgage, you can do like a lot of elderly people and downsize to a cheaper property, so you are debt free. And if you haven't bought a place by then, your savings will bring you a nice little income and you'll use that with your private pension and your state one to pay for everything... Basically as long as you plan now and put enough aside (and don't touch it for any reason!), you'll be fine... Just don't count on the state or others to look after you as you can see all around you how badly older people are treated. Good luck

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My dad retired last year and has been living off his savings accounts. he has owned his home free and clear for many years so never really had any other debts.he recieved his pension and decidied not to touch it till he can apply for social security. hes willing to help us out with closing costs and to co-sign but the mortgage broker said he needs a steady source of income. is this true. he has acess to his pension if he wants it he just chooses not to touch it. he can apply for ss in sept but we need a co-signer now. well he would be co-signing for my fiance. he needs a credit score of 580 and he has a 579. sucks that they wont let the 1 point slide but they said with a co-signer they can do the mortgage

yes to get a loan as primary or co-signer you need a steady source of income and you father does not have one!!!

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I plan on retiring in a couple of years and then relocating. i will not be working after i retire. since most mortgage qualifying information revolves around one's employment income, is it possible to qualify for a mortgage based only on my savings and payments from social security?

A lender is only looking for sufficient resources to be able to make the payments, that's all. For the average buyer that would be your paycheck but if you have sufficient retirement income from any source you won't have any problem qualifying. Ignore the nasty remark at the top. He doesn't know what he's talking about. Age discrimination is illegal in the US. My Dad got a mortgage when he was in his 70s.

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Well, I think it is obvious, but first you should pay off higher interest rate loans you may have, such as credit card debt. Second you have to consider whether the tax benefits of having a mortgage outweigh the benefits of paying off early. Since you're retired I doubt the interest you're paying on your mortgage is much of a factor come tax-time, so pay if off as soon as possible. That being said, seeing a CPA or financial planner is very cheap compared to the savings you can expect by taking their advice.

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Will you sleep better at night if you pay it off? do you have other money that you can use in an emergency, or would paying off the mortgage leave you without cash? If you'd sleep better, pay it off. You're probably in the low end of tax-deductible interest, and every financial decision isn't about money anyway. Good luck!