Difficulty of obtaining Cash Out Refinance for Retired couple?

Question

How difficult is it to obtain a cash-out refinance on a property for someone who is retired? My husband and I only have rental income (around $11k/month) and do not work. But we were hoping to do a cash out refinance on a 700k property which we own about 500k on. Is this possible right now? We live in the SF Bay Area (if that makes a difference).

Chris Mason · Answer

Mortgages need income, not necessarily jobs.

If the income is sufficient (inclusive of pension, social security, rental, etc), it'll be doable.

A lot of retired people are very private persons. Nothing wrong with that. But for some reason this means they don't always want to disclose all sources of income... when you're trying to get a mortgage, that's not a good time to hide income sources. :)

Darius Ogloza · Answer

Try East West Bank.

Alex Bekeza · Answer

@Debbie Cost Is the property your primary residence or an investment property?

If it's an investment property you could turn to a "commercial or portfolio" product which is based on the property's cash flow (DSCR) rather than your personal income.

Difficulty of obtaining Cash Out Refinance for Retired couple?

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