Mortgage for retiree

[Raul99]

I plan to retire from a high salary job sometime during the next year. I would like to buy a second home for occupancy only during the next one or two years. I own a home and have no significant debt. I have a very good credit rating and high net worth with liquid assets. I plan to put at least 20% down and seek a 30year fixed loan. Will I be penalized in terms of availability or rates if I apply for the mortgage after I retire? or should I make this purchase while I continue to be employed ?

[devidso]

thanks for suggestion, i m agree with you ,there are few people who share this type of information , I respect your knowledge and
thanks a lot.

[rachael24]

I think you should make the purchase while you are still employed...that is what I would do IMO

[marsh]

Hello, this was the right thing that you have done. I don’t think that you were wrong.
All the best!

[freddyb45]

I think it is advisable for you to make the purchase whilst you are still employed, as you have the security of constant income.

[johns]

Real estate will be losing investment for years to come. I wouldn't put my money in real estate until the prices are 50% down from here, and this will take time...

[Steve K.]

First a further decline of 20- 25 percent maximum is what your looking at from current levels not 50% . 50 percent would be well below what median incomes can afford, so we'll never see housing fall that far.

As far as the retirement issue is concerned as long as you can still show a satisfatory income whether through pensions or what not it will not be a problem