Retirees may find they don't qualify to refinance their mortgages

Sun, 05/27/2012 - 03:00 EDT - LA Times

Although retirees may have significant financial assets in retirement accounts, their diminished monthly incomes may not be sufficient to meet some lenders' hyper-strict underwriting rules.WASHINGTON — It's a mortgage problem that is likely to intensify as home-owning baby boomers by the millions shift into retirement: Although they may have significant financial assets tucked away in retirement accounts, their diminished monthly incomes may not be sufficient to meet some lenders' hyper-strict underwriting rules.

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Mortgage underwriting rules eased for seniors with assets
The revision allows lenders to use untapped retirement account balances in computing debt-to-income ratios to help seniors qualify for a mortgage.WASHINGTON — Here's a heads-up for the growing ranks of seniors whose post-retirement monthly incomes aren't sufficient to qualify for a mortgage under today's tough underwriting standards: Thanks to a rule change by the largest players in the home loan business, you may be able to use imputed income from your 401(k), IRA and other retirement assets to qualify for the loan you want.
Clearer Mortgage Rules, No-Fee Refinances Key To President’s Plan For Middle-Class Housing Market
(Mark Turnauckas)
Here's How To Strategize Now For An Early Retirement
Whether early retirement comes by choice or not, it presents many challenges for retirees. One significant issue is stretching out an individual retirement account portfolio over a longer period than a traditional retirement at a time when retirees are living longer and encountering increasingly high medical expenses.
Close to Retiring? Uh-Oh, So is Your Financial Adviser
If you have a financial adviser, odds are this person is contemplating his or her own retirement, as well as yours. That doesn’t mean you’re being cheated out of the attention your finances deserve. But it does suggest that your account will be handed off to a colleague sooner than you may expect. Like postal clerks, clergy, and bus drivers, wealth managers are growing old in a line of work with a slow replacement rate. The average age of a financial adviser in the U.S. is 50, reports consulting firm Accenture.
Close to Retiring? Uh-Oh, So is Your Financial Adviser
If you have a financial adviser, odds are this person is contemplating his or her own retirement, as well as yours. That doesn’t mean you’re being cheated out of the attention your finances deserve. But it does suggest that your account will be handed off to a colleague sooner than you may expect. Like postal clerks, clergy, and bus drivers, wealth managers are growing old in a line of work with a slow replacement rate. The average age of a financial adviser in the U.S. is 50, reports consulting firm Accenture.
Lending industry not ready to ease strict mortgage standards
Although home prices are rising in many markets, lenders still want borrowers to have high credit scores and big down payments.WASHINGTON — With home prices rising in many markets around the country, might mortgage lenders start loosening up their hyper-strict underwriting rules and extend loans to buyers who now find themselves on the sidelines?
More Mortgage Meddling: Will it Work This Time?
The Obama administration has just released the details on yet another "major" push to help homeowners who are underwater on their mortgages--a number now estimated at something like 20% of all homeowners.
Millions Of Seniors Are Moving Back To Big Cities
For Lila Sanger, 88, the sound of retirement isn’t the quiet countryside but the roar of traffic.
Two U.S. agencies try to get lenders to ease tough mortgage rules
The Federal Housing Finance Agency and the Federal Housing Administration say many lenders' underwriting restrictions go beyond what the agencies themselves require.WASHINGTON — Two federal agencies with far-reaching influence over the mortgage market are working on a problem that could affect the ability of many consumers to obtain a home loan: How to encourage private lenders to ease up on their underwriting restrictions that go beyond what the agencies themselves require for mortgage approvals.

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Retirees may find they don't qualify to refinance their mortgages

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