Hello Ethel, It depends on what you want to do after retirement ? Do you want to live in a smaller house, then you can sell this house. Most of us do not plan what to do in retirement - that is the more important question to answer. Depending on your plans, this will dictate what to do with the house.

can I collect unemployment for a year after I retire at 65

Ontario Canada, there must be a reason why they do not want to renew it. Are you in default ? What circumstances do you have that made the lender reject your renewal. Could it be that what you owe is higher than what the value of the property is ? If you can tell me the reason, I may be able to give you a more definite course of action - email me victor_catalan@centum.ca

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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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I will be retiring from my job in 2 months due to family problems, and health. cannot pay my home becasue i am going to another city. i do not have any equity in my home, because of a refinance. if i go into foreclos ure. will the bank be able to use my retirement money that i need to live on. to pay any money that i would owe them.

They will just file a lawsuit against you for whatever you owe. You should sell the house quickly and try to work out a payment schedule with them for the difference between the loan amount and the sale price.

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You can use your pension and investment income to show source of income for mortgage loans. It is considered income just like any other.

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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 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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I am 62 and thinking about semi-retiring. i would like information concerning mortgage loan originators. how much do they make on average? do you have to work for a bank or other lender or can you work freelance? how do you obtain the necessary training?

i agree working under a qualified senior broker can help you tremandously. there are many brokers now looking for work and many companies laying off thousands. get your training thru your states department of finance. and look for a good company that will take you in look for a company that provides leads to you and support. good luck

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first off, I'm pretty sure you have to be 59 1/2 before you withdraw money from your 401k without paying any penalty. second...it would depend on what interest you're paying on your mortgage vs. what interest you're earning on your 401k. For example if your earning an average of 6% return on your investments, but your mortgage interest rate is only 5%, then you'd be better off keeping your money in the 401k. Plus, if you itemize your tax deductions, and you pay off your mortgage, you'll have fewer deductions which would result in paying higher income taxes. Just something else to factor in to your decision. Obviously though if your mortgage rate is much higher than your interest earned rate, you're better off paying off the mortgage.

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I am considering an adjust rate mortgage to lower my payment over the next year. i will be retiring and selling my house next spring. i would like to lower my mortgage payment and invest the difference over the next year.

Not a good idea dude! It means they can change the rate on you (if economy worsens, you miss payment or they feel like it). People are falling prey to this and end up with foreclosures

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For a 62 years old ,retired and a home owner with home owners insurance. can she apply for a reverse mortgage loan or any other debt consolidation loan?

A reverse mortgage is good or bad based on the financial condition or situation of the seniors. The primary requirement to obtain a reverse mortgage is that one or both of the seniors must be a minimum of 62 years of age. If they are in a good financial condition and have planned well for retirement there is no need for a reverse mortgage. A reverse mortgage is sort of expensive to obtain, so one of the first things you would want to do is find out the cost of your parents getting this reverse mortgage. You would also be required to get and pay for an FHA appraisal. All repairs to the house found by the appraiser will have to be repaired prior to the mortgage closing. You might also want to know the amount of funds that would actually land in the seniors hand. We do know one thing all mortgages would be paid off, as well as any other liens found on the property, plus the expense of the reverse mortgage, so on a good day the seniors would wind up with approximately the difference of the appraised value minus any mortgages paid off, any liens and the closing cost in their hands. They can receive this in one lump sum or monthly payments spread out over a period of time. They no longer would be required to pay a monthly mortgage, they could payoff any debts that are owed, with the remainder of the funds being placed in a bank account of their choice. The other part to this reverse mortgage is that the seniors will be able to stay in the house as long as they both are alive. Once they are no longer with us the heirs of the seniors would have to decide if you wanted the house or not. If the heirs decide the want to keep the house then they would be required to pay off the mortgage company that gave your parents the reverse mortgage plus interest as with any other mortgage lien. If the heirs decide they did not want or could not afford the house then the bank would take legal action to secure the property, such as foreclosure. A reverse mortgage is an FHA product, therefore you simply have to locate a local FHA approved lender in your telephone book. You might also google reverse mortgage followed by the city in which you reside or where the property is located. Before a reverse mortgage might be obtained the seniors would have to go through extensive FHA counseling concerning the reverse mortgage so they would understand exactly know the reverse mortgage work and the effect it would have on them either positively or negatively. If qualified she may apply for a regular mortgage loan to consolidate her and pay her debts, as long as she is qualified with the correct credit scores, and is able to financially repay the mortgage loan. I hope this has been of some benefit to you, good luck. "FIGHT ON"