Financing Properties in Retirement

[Robert B.]

I'm wanting to generate some cash flow for my retirement years that will begin later this year.

I have purchased one rental home that has generated $400 per month the last three years. I owe about $100,000 on my $450,000 house; the mortgage rate is 2.5%.

I also have  a million dollars in retirement savings.

My question is this: will I be able to finance rental properties in retirement since I won't have a job but only investment income?

Thx for any help offered.

[Jason Wray]

Robert,

Yes, absolutely there are newer programs designed that allow you to be retired and not even look at tax returns. These programs are under the DSCR, Bank Statement, Asset, and HECM. My first choice would be DSCR and you can utilize an I/O Interest only for the first 12-24 months to keep payment low and cash flow higher until you refinance.