So, you are close to retirement and the children have left the nest? Or, maybe you don’t have children, but the house you currently live in may still have a few more years left on the mortgage. Maybe your current home is too big and you are thinking about downsizing,
So you may be asking, “Would it better to buy a smaller home now and sell your current house later, or Sell first to buy the new property?”
If you are looking to retire soon, the truth is your financial situation may will change significantly. So, things like savings, investments, and health and other insurance are now top mind for you, right?
And if you’ll need a mortgage for your next property yuh need fi mek a plan.
It’s going to take more than visiting a lenders website and typing in your information in their mortgage calculator. Or, going to a search engine to research best mortgage rates in Jamaica.
Earlier in this season I explained that qualifyingfor a mortgage depends on steady and predictable income. However, your monthly mortgage payments are also affected by your age. [ Watch video here]
If you are a pre-retiree looking to apply for a mortgage on your own, here’s are a few questions I want you to get real honest about:
- Are you able to carry the financial responsibility of two properties now?
What does it currently cost you to maintain the home you live in? Could you juggle the two spaces comfortable based on the money you have for a few months?
- Do you already have the deposit and closing cost for the new property in savings?
Remember as you approach the lender for a mortgage They’ll need to know that you’ll successfully be able to complete the transaction.
- What will your income look like post retirement?
Do you have rental income? How about money coming in from investments? How will you do this?
- Which lender is best for Pre-retirees?
You see lenders make their decisions differently. For some lenders that age limit is 65 yrs and for others it really depends on your job. Let’s say you are a successful musician or actor, or even a doctor with your own medical practice, you could decide to work and earn well into what is considered traditional retirement years.
You’ll need the right mortgage broker or lender who has experience and understands your specific situation.
So, the Power question is who is the best lender for a pre-retiree considering a home purchase in Jamaica today?
Do you need help finding them? Call or WhatsApp us at (876) 513-9222