Tuesday, May 29, 2012

Asset Rich but Income Poor?

So, you have a boat-load of money in the bank, right? However, your income doesn't quite cut the mustard for the refi you want to do? There are ways!!!

Many retirees are apparently facing this problem. They want to refi to today's incredible rates, have a ton of assets, but their social security and/or retirement income doesn't make the right ratios for most lenders.

Many savvy loan brokers with several different programs can help you with this dilemma. If you're earning interest on the asset, if you're going to get an increase in Social Security, suggest these to your lender. You can also take some of your asset money and place it in an annuity to 'draw' income from it to pump up your monthly intake.


Make sure you are talking to the right people if you get denied. 
Don't give up on the first try! 

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