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If you’re retired and are thinking about downsizing or relocating, and it involves buying a home, you might want to look into how you would finance it.
You may discover that qualifying for a mortgage is different from the last time you bought a house. Not only have lenders tightened credit during the coronavirus pandemic, retirees generally have left a steady paycheck behind.
It can be tricky for retirees to get a mortgage, said Al Bingham, a mortgage loan officer with Momentum Loans in Sandy, Utah.
“You can have a lot of money but show very little income and have difficulty qualifying for a mortgage,” Bingham said. “It frustrates a lot of them.”
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