Will We Be Able To Get Mortgages?
Hi,
I'm 26 and do not currently work. However, my father, 85, receives a decent government pension of around $50k a year. Together, we have a large amount of cash that we'd like to invest in rental properties, but I spoke with an adviser today who said that we may have trouble getting banks to give us loans, citing the age of my father and my lack of an income. I should add that both of our credit scores are excellent, and that we have 2 fully paid off properties from which we could draw equity.
Would anyone be able to speak on this matter? I've read that traditional banks will offer around 4 mortgages, and then it gets much tougher, probably requiring new avenues such as portfolio lenders, but I wonder if we could even get those first 4 mortgages?
Thank you,
Brett