• Question
  • I am already in a home that I would like to move out of and sell. But now I am retired with only a low income, will I be able to sell and buy another

    Asked by someone from Glen Burnie, MD on 10/6/2015

    house? with a lower mortgage payment with retired income?

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  • Categories: Downsizing/Relocation, Housing

Answers

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  • My Mom's only income is Social Security, and she just purchased a home. A Loan Officer can pre-approve you, and then you'll know the value of the property you'll be able to afford, and the monthly payment.

  • Login to rate this answer:   Answered on 10/6/2015
  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • You may also want to look at a HECM for purchase if you are interested in not having a mortgage payment and can realize some equity from the sale of your current home.

    http://www.newretirement.com/Services/Reverse_Mortgage_for_Purchase.aspx

  • Login to rate this answer:   Answered on 10/11/2015
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.