Getting Ready to Retire in Paso Robles

Many choose California as a state to retire to because of its financially stable economy, beautiful weather, and its proximity to some of the best beaches in Cali. If you’re searching for a city with a small-town feel but with big city amenities then Paso Robles is the perfect choice for you! 

Here’s a short guide on what to prepare for when buying a retirement house, and for a stress-free home buying process, you can work with a local Paso Robles mortgage lender like Accelerated Lending Group.

Is It a Wise Decision to Purchase a Retirement House Now?

One option is to sell your current house and move to Paso Robles early. Another is to hold two mortgages until you’re ready to move. There are several great financial benefits if you purchase a home now. Some of the benefits are listed below:

  • Purchasing a retirement house before retirement may be beneficial for future financial planning. In this scenario, you’ll have a clear picture of your monthly housing expenses, which can assist you in decision-making. And, you can take advantage of low-interest rates to secure a cheap monthly payment.

  • You’ll have an easier time getting qualified for a loan while you’re still employed and have a stable income.

  • Downsizing ahead of time can assist you in making the most out of the equity in your current house.

If you plan to use your current equity to purchase your retirement home, use a home value estimator to get an idea of your home’s current value. You can also reach out to us for a cash-out refi estimate. 

How to Purchase a House after Retiring

Obtaining a mortgage after retirement is possible. Many of the qualifications will be the same, including stable income, good credit, and a low DTI ratio.

The major difference however, will be how to prove your income. If you’re a retiree, your income probably comes from a number of sources such as a pension, Social Security, etc. Even though these sources give you income, some of them are considered finite income sources because they’re considered depreciating assets. 

You need to prove there’s enough money in these accounts to supply a stable income for a minimum of 3 years. You are allowed to use the income from trust distributions, social security, and other assets to calculate your qualifying income. 

What’s the Difference in the Qualifying Process when Purchasing a Retirement House?

The home buying process for retirees is similar to those who are employed. You’ll have to make an offer on the house, qualify for the loan, and attend the closing. 

If you want to make the home buying process easier,  Accelerated Lending Group of Paso Robles can help. Our loan experts have experience working with retirees and can provide you with the best mortgage options available.

We can help you with reverse mortgages too! Our office has many financing options specifically designed to make your golden years comfortable. Contact us today to learn more.

 


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.

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