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Retirees who are considering a move that involves buying a home may want to consider how they’d finance the purchase.
It can be tricky for seniors to get a mortgage in retirement, said Al Bingham, a mortgage loan officer with Momentum Loans in Sandy, Utah. Not only are lenders still more cautious about extending credit during the pandemic, retirees generally have left a steady paycheck behind.
“You can have a lot of money but show very little income and have difficulty qualifying for a mortgage,” Bingham said. “It frustrates a lot of them.”
And although interest rates are still very low,…