Buying a house in retirement - what funds to use?

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raptor9118
Posts: 18
Joined: Sun Jan 20, 2013 11:39 am

Buying a house in retirement - what funds to use?

Post by raptor9118 » Fri Oct 20, 2017 12:48 pm

Here's my situation... My wife and I, along with 2 young kids (3-1/2 and 15 months) plan to move to San Diego after I retire in about 8 years at age 57 (my wife will be 45). I know, it's a HCOL area and most of the posts I read here are about people wanting to move away from CA after they retire. But we visit there often and love it there.

We're currently in Cleveland, OH (now you might understand why we want to move to SD :wink:). We own our current home (~$250K market value) with no mortgage and live off of my salary as a govt employee. My wife works part time and anything she makes goes directly into our savings pot after contributions to her 401K. With home prices in San Diego currently around the $700-$800K range, I figure we'll need about $600K+ (in today's $) to buy a house there. I expect to receive a govt pension of about $45K a year with survivorship (in today's $). We currently live on about $36K a year (that is my net after putting money aside in my TSP, Roth, kid's 529s, biweekly auto-investments into Vanguard, and taxes). I'm expecting that adding back in health insurance, higher property taxes, kid's 529 contributions and expenses, etc., that we can live on $55K - $60 net. So I feel confident that we can live off my pension with supplements of about $20-$25K from my TSP and investments. I don't plan to take SS until 70, but might take it earlier if it makes sense for our cash flow situation (I'm not too concerned about maximizing lifetime benefits). So paying for the house is our major obstacle. We have the following sources of funds for the house:
  • $940,000 in a TSP (401K) - continue contributing max + catch-up starting next year
  • $560,000 in taxable Vanguard mutual funds - continue contributing $500 every 2 weeks
  • $65,000 in my Roth - continue contributing max + catch-up each year
  • $85,000 in wife's Roth - continue contributing max each year
  • $170,000 in wife's traditional IRA and 401K - probably not an option since we can't use this without penalty
  • $60,000 in cash that is currently our emergency fund - wife's salary goes in here, when pot grows, move to Vanguard
As an aside, we have about $90K saved towards the kid's college fund in 529s and a separate Vanguard account not included above, and plan to continue contributing about $400 a month. We don't plan to give them a free ride, but will pay as much as we can afford.

What is the most tax efficient way to pay for the house? We're currently in the 25% tax bracket. Does it make sense to take out a mortgage? I know that home prices, mortgage rates, and taxes will change in the future, but let's assume today's numbers and tax rules, and I can make adjustments in the future when these change. My thinking is to use the equity ($250K) and most if not all of the taxable account ($560K) and take out a smaller mortgage if needed and pay that down with my TSP funds. But one other consideration is that I be hit with large RMDs from my TSP when I turn 70-1/2, so I want to do some Roth conversions or spend down the money. So maybe I should take out a larger mortgage and pay it with my TSP funds and leave the Vanguard funds mostly intact.

I know there are a lot of variables, and my question isn't if I can or should move to San Diego and buy a house. I want to keep the discussion to: What's the best way to pay for the house, and what actionable items can I do now and in the next 5 years to prepare? If the answer is to use the Vanguard taxable account, I need to consider starting to move money from the long term to the short term pot in the Vanguard account and paying the capital gains taxes (and OH rather than CA taxes), and maybe moving money from the G-fund to the C and S-funds in my TSP to maintain my ~60/40 stock/bond allocation. Right now, my Vanguard account is in the Total Stock market and Total International Stock funds, while my TSP has about $700K in the G fund and the rest split between the C and S funds. I haven't considered using Roth money, but if it makes sense to, maybe I should contribute part of my TSP money to the Roth TSP, at least the catch-up amount.

Thanks in advance for any suggestions. Even if you don't have a concrete answer, maybe you can help me by suggesting something I may have overlooked that I need to consider in my decision.

ResearchMed
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Re: Buying a house in retirement - what funds to use?

Post by ResearchMed » Fri Oct 20, 2017 1:01 pm

raptor9118 wrote:
Fri Oct 20, 2017 12:48 pm
Here's my situation... My wife and I, along with 2 young kids (3-1/2 and 15 months) plan to move to San Diego after I retire in about 8 years at age 57 (my wife will be 45). I know, it's a HCOL area and most of the posts I read here are about people wanting to move away from CA after they retire. But we visit there often and love it there.

We're currently in Cleveland, OH (now you might understand why we want to move to SD :wink:). We own our current home (~$250K market value) with no mortgage and live off of my salary as a govt employee. My wife works part time and anything she makes goes directly into our savings pot after contributions to her 401K. With home prices in San Diego currently around the $700-$800K range, I figure we'll need about $600K+ (in today's $) to buy a house there. I expect to receive a govt pension of about $45K a year with survivorship (in today's $). We currently live on about $36K a year (that is my net after putting money aside in my TSP, Roth, kid's 529s, biweekly auto-investments into Vanguard, and taxes). I'm expecting that adding back in health insurance, higher property taxes, kid's 529 contributions and expenses, etc., that we can live on $55K - $60 net. So I feel confident that we can live off my pension with supplements of about $20-$25K from my TSP and investments. I don't plan to take SS until 70, but might take it earlier if it makes sense for our cash flow situation (I'm not too concerned about maximizing lifetime benefits). So paying for the house is our major obstacle. We have the following sources of funds for the house:
  • $940,000 in a TSP (401K) - continue contributing max + catch-up starting next year
  • $560,000 in taxable Vanguard mutual funds - continue contributing $500 every 2 weeks
  • $65,000 in my Roth - continue contributing max + catch-up each year
  • $85,000 in wife's Roth - continue contributing max each year
  • $170,000 in wife's traditional IRA and 401K - probably not an option since we can't use this without penalty
  • $60,000 in cash that is currently our emergency fund - wife's salary goes in here, when pot grows, move to Vanguard
As an aside, we have about $90K saved towards the kid's college fund in 529s and a separate Vanguard account not included above, and plan to continue contributing about $400 a month. We don't plan to give them a free ride, but will pay as much as we can afford.

What is the most tax efficient way to pay for the house? We're currently in the 25% tax bracket. Does it make sense to take out a mortgage? I know that home prices, mortgage rates, and taxes will change in the future, but let's assume today's numbers and tax rules, and I can make adjustments in the future when these change. My thinking is to use the equity ($250K) and most if not all of the taxable account ($560K) and take out a smaller mortgage if needed and pay that down with my TSP funds. But one other consideration is that I be hit with large RMDs from my TSP when I turn 70-1/2, so I want to do some Roth conversions or spend down the money. So maybe I should take out a larger mortgage and pay it with my TSP funds and leave the Vanguard funds mostly intact.

I know there are a lot of variables, and my question isn't if I can or should move to San Diego and buy a house. I want to keep the discussion to: What's the best way to pay for the house, and what actionable items can I do now and in the next 5 years to prepare? If the answer is to use the Vanguard taxable account, I need to consider starting to move money from the long term to the short term pot in the Vanguard account and paying the capital gains taxes (and OH rather than CA taxes), and maybe moving money from the G-fund to the C and S-funds in my TSP to maintain my ~60/40 stock/bond allocation. Right now, my Vanguard account is in the Total Stock market and Total International Stock funds, while my TSP has about $700K in the G fund and the rest split between the C and S funds. I haven't considered using Roth money, but if it makes sense to, maybe I should contribute part of my TSP money to the Roth TSP, at least the catch-up amount.

Thanks in advance for any suggestions. Even if you don't have a concrete answer, maybe you can help me by suggesting something I may have overlooked that I need to consider in my decision.
This isn't about your house purchase, but you wrote above:

"I don't plan to take SS until 70, but might take it earlier if it makes sense for our cash flow situation (I'm not too concerned about maximizing lifetime benefits)."

Unless your wife is a higher earner than you, and will work the full 35 years needed for maximum benefits, then you should keep in mind that *your* retirement benefits will also become the "survivor" benefits for the rest of the survivor's life, even if that is your wife.

Especially because you have a much younger wife, this should be a serious consideration unless her SS retirement benefits will be the same as or higher than yours.

RM
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delamer
Posts: 5827
Joined: Tue Feb 08, 2011 6:13 pm

Re: Buying a house in retirement - what funds to use?

Post by delamer » Fri Oct 20, 2017 1:57 pm

Here's some food for thought:

https://www.fidelity.com/viewpoints/ret ... ithdrawals

It is possible to get a mortgage in retirement, including one based on your assets. But apparently the asset-based mortgages can be hard to find. Otherwise, you are limited to qualifying based on income. Just something to keep in mind since you are considering a large mortgage for your SD home.

jchris
Posts: 85
Joined: Sun Sep 21, 2014 5:55 pm

Re: Buying a house in retirement - what funds to use?

Post by jchris » Fri Oct 20, 2017 2:05 pm

I don't know that I have too much great advice to give, but I'll be very interested in the advice you receive from the experts, because I'm in almost the same situation as you, and have a similar plan in terms of buying a house in a higher COL area after retirement. I have the same conundrum - most of our money is either in tax deferred accounts or is in taxable funds that are virtually all capital gains at this point. I just hate the idea of taking those capital gains hits right now while I am still working - we would probably push our AGI high enough to lose the American Opportunity Tax Credit (our kids are college age already), and I know that if i wait until retirement, I will have a few years where I would probably be able to sell much of the taxable funds at the 0% capital gains rate.

So all roads seem to lead to getting a partial mortgage for the new property. That would allow you to access your tax deferred and taxable funds a little at a time, minimizing the tax hit, and it would also probably result in a lower total income tax bill in retirement, as you would have the substantial mortgage interest deduction.

Another option is to not move from OH for a couple of years after retirement, use those years to sell taxable funds at the 0% cap gains rate to accumulate cash for the home purchase, and then purchase the home for cash.

Regarding the Roth TSP idea, I have avoided contributing to the Roth TSP because you can't withdraw just the Roth part of the TSP and you can't move money between the two accounts, so it would seem to complicate withdrawal options - especially if you want to do Roth conversions from your TSP in the future. Maybe TSP will eventually change the rules to allow withdrawals from one account or the other, but the way I understand the rules right now, any withdrawal will come proportionally from both accounts.

jchris

Olemiss540
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Re: Buying a house in retirement - what funds to use?

Post by Olemiss540 » Fri Oct 20, 2017 7:32 pm

No relevant advice except to say you guys seem to be killing it! Wowsa. Impressive and an inspiration to compound interest and LBYM it would seem....
I hold index funds because I do not overestimate my ability to pick stocks OR stock pickers.

cherijoh
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Re: Buying a house in retirement - what funds to use?

Post by cherijoh » Fri Oct 20, 2017 8:03 pm

raptor9118 wrote:
Fri Oct 20, 2017 12:48 pm

I expect to receive a govt pension of about $45K a year with survivorship (in today's $). We currently live on about $36K a year (that is my net after putting money aside in my TSP, Roth, kid's 529s, biweekly auto-investments into Vanguard, and taxes). I'm expecting that adding back in health insurance, higher property taxes, kid's 529 contributions and expenses, etc., that we can live on $55K - $60 net. So I feel confident that we can live off my pension with supplements of about $20-$25K from my TSP and investments.
Have you fully considered state taxes in your estimates? I understand CA taxes are high for income tax, sales and gasoline tax. And I don't believe they have preferential treatment for dividends or capital gains either. NC (where I live) is in the same boat although not quite as bad as CA. In 2007-08 I was able to take advantage of 0% federal capital gains tax while I was under-employed. However I ended up in the odd position of paying more income tax to NC Department of Revenue than I did to the IRS! :shock: I'm not talking about the amount I owed on Apr 15th - I'm talking my total tax bill for the year.

mnnice
Posts: 336
Joined: Sat Aug 11, 2012 5:48 pm

Re: Buying a house in retirement - what funds to use?

Post by mnnice » Fri Oct 20, 2017 8:23 pm

cherijoh wrote:
Fri Oct 20, 2017 8:03 pm
raptor9118 wrote:
Fri Oct 20, 2017 12:48 pm

I expect to receive a govt pension of about $45K a year with survivorship (in today's $). We currently live on about $36K a year (that is my net after putting money aside in my TSP, Roth, kid's 529s, biweekly auto-investments into Vanguard, and taxes). I'm expecting that adding back in health insurance, higher property taxes, kid's 529 contributions and expenses, etc., that we can live on $55K - $60 net. So I feel confident that we can live off my pension with supplements of about $20-$25K from my TSP and investments.
Have you fully considered state taxes in your estimates? I understand CA taxes are high for income tax, sales and gasoline tax. And I don't believe they have preferential treatment for dividends or capital gains either. NC (where I live) is in the same boat although not quite as bad as CA. In 2007-08 I was able to take advantage of 0% federal capital gains tax while I was under-employed. However I ended up in the odd position of paying more income tax to NC Department of Revenue than I did to the IRS! :shock: I'm not talking about the amount I owed on Apr 15th - I'm talking my total tax bill for the year.
We have had that situation the last three years in Iowa. Actually no federal liability and a solid 4 figures to the state. That could be a problem in Ohio as well. :?

I think it would be prudent to plan on gradually holding more cash either from selling appreciated stock in taxable or just saving “new” money as cash to spread out the income over a few years not just one.
Last edited by mnnice on Fri Oct 20, 2017 8:27 pm, edited 1 time in total.

aristotelian
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Re: Buying a house in retirement - what funds to use?

Post by aristotelian » Fri Oct 20, 2017 8:24 pm

You have $560k liquid taxable funds plus your current house and 8 years to keep saving. I think you're fine, it's just a matter of how to do it.

Have you considered buying the house now and renting it out? You have the earning power now to take on a mortgage.

As an Ohioan that would like to retire in NYC, I am interested as well in how you decide to approach it.

123
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Joined: Fri Oct 12, 2012 3:55 pm

Re: Buying a house in retirement - what funds to use?

Post by 123 » Fri Oct 20, 2017 8:55 pm

If you want to live in San Diego does your government agency have opportunities there that you can transfer to? Unless you love Cleveland I would wonder why you would want to wait. Property prices in SD may not go down before you retire, as you indicate they may go higher. Would locality pay adjustments by working in San Diego give you a higher Federal retirement benefit?
The closest helping hand is at the end of your own arm.

raptor9118
Posts: 18
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Re: Buying a house in retirement - what funds to use?

Post by raptor9118 » Fri Oct 20, 2017 9:05 pm

ResearchMed wrote:
Fri Oct 20, 2017 1:01 pm

This isn't about your house purchase, but you wrote above:

"I don't plan to take SS until 70, but might take it earlier if it makes sense for our cash flow situation (I'm not too concerned about maximizing lifetime benefits)."

Unless your wife is a higher earner than you, and will work the full 35 years needed for maximum benefits, then you should keep in mind that *your* retirement benefits will also become the "survivor" benefits for the rest of the survivor's life, even if that is your wife.

Especially because you have a much younger wife, this should be a serious consideration unless her SS retirement benefits will be the same as or higher than yours.

RM
Thanks for that reminder. That was the reason I wasn't planning to take SS until 70. But I guess if we feel that there is enough in the TSP and other accounts for later, I "might" consider taking early SS if it makes sense from a cash flow perspective.

raptor9118
Posts: 18
Joined: Sun Jan 20, 2013 11:39 am

Re: Buying a house in retirement - what funds to use?

Post by raptor9118 » Fri Oct 20, 2017 9:20 pm

jchris wrote:
Fri Oct 20, 2017 2:05 pm
I don't know that I have too much great advice to give, but I'll be very interested in the advice you receive from the experts, because I'm in almost the same situation as you, and have a similar plan in terms of buying a house in a higher COL area after retirement. I have the same conundrum - most of our money is either in tax deferred accounts or is in taxable funds that are virtually all capital gains at this point. I just hate the idea of taking those capital gains hits right now while I am still working - we would probably push our AGI high enough to lose the American Opportunity Tax Credit (our kids are college age already), and I know that if i wait until retirement, I will have a few years where I would probably be able to sell much of the taxable funds at the 0% capital gains rate.

So all roads seem to lead to getting a partial mortgage for the new property. That would allow you to access your tax deferred and taxable funds a little at a time, minimizing the tax hit, and it would also probably result in a lower total income tax bill in retirement, as you would have the substantial mortgage interest deduction.
This of course depends on interest rates.
jchris wrote:
Fri Oct 20, 2017 2:05 pm
Another option is to not move from OH for a couple of years after retirement, use those years to sell taxable funds at the 0% cap gains rate to accumulate cash for the home purchase, and then purchase the home for cash.
I think I would consider moving to a state that doesn't have income taxes for a few years rather than staying in Ohio. The issue is moving with kids and the disruption in their school. Might be a good option for those of you without kids or kids that are older.
jchris wrote:
Fri Oct 20, 2017 2:05 pm

Regarding the Roth TSP idea, I have avoided contributing to the Roth TSP because you can't withdraw just the Roth part of the TSP and you can't move money between the two accounts, so it would seem to complicate withdrawal options - especially if you want to do Roth conversions from your TSP in the future. Maybe TSP will eventually change the rules to allow withdrawals from one account or the other, but the way I understand the rules right now, any withdrawal will come proportionally from both accounts.

jchris
I've been avoiding the Roth TSP for the same reason, but I've been reading on this forum about a workaround where people transfer most of their money out from the TSP, leaving about $1000. Then transferring all or most of the non-Roth part back into the TSP. So you end up with a small proportion of funds in the Roth TSP.

raptor9118
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Re: Buying a house in retirement - what funds to use?

Post by raptor9118 » Fri Oct 20, 2017 9:22 pm

delamer wrote:
Fri Oct 20, 2017 1:57 pm
Here's some food for thought:

https://www.fidelity.com/viewpoints/ret ... ithdrawals

It is possible to get a mortgage in retirement, including one based on your assets. But apparently the asset-based mortgages can be hard to find. Otherwise, you are limited to qualifying based on income. Just something to keep in mind since you are considering a large mortgage for your SD home.
Thanks. I've read some other threads about getting a mortgage with retirements funds. I think some banks require you to show an income stream and not just assets sitting in an account.

raptor9118
Posts: 18
Joined: Sun Jan 20, 2013 11:39 am

Re: Buying a house in retirement - what funds to use?

Post by raptor9118 » Fri Oct 20, 2017 9:28 pm

aristotelian wrote:
Fri Oct 20, 2017 8:24 pm
You have $560k liquid taxable funds plus your current house and 8 years to keep saving. I think you're fine, it's just a matter of how to do it.

Have you considered buying the house now and renting it out? You have the earning power now to take on a mortgage.

As an Ohioan that would like to retire in NYC, I am interested as well in how you decide to approach it.
That crossed our minds, but we don' think the hassle of being a long distance landlord makes it worthwhile. Of course, if there was a housing crash in SD, we might be more willing to take that risk. :)

raptor9118
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Re: Buying a house in retirement - what funds to use?

Post by raptor9118 » Fri Oct 20, 2017 9:34 pm

123 wrote:
Fri Oct 20, 2017 8:55 pm
If you want to live in San Diego does your government agency have opportunities there that you can transfer to? Unless you love Cleveland I would wonder why you would want to wait. Property prices in SD may not go down before you retire, as you indicate they may go higher. Would locality pay adjustments by working in San Diego give you a higher Federal retirement benefit?
That was plan A. We are now on plan B. :) No agency transfer, but I tried applying for many govt jobs. But most were at a lower grade than what I am at now. It's not that easy. I probably applied for about 100 positions and got 3 interviews. For one position, I was told that I was the top two to be considered, but the other person got it because of Veteran's preference. So close, but so far...

AlohaJoe
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Re: Buying a house in retirement - what funds to use?

Post by AlohaJoe » Fri Oct 20, 2017 9:46 pm

raptor9118 wrote:
Fri Oct 20, 2017 12:48 pm
What is the most tax efficient way to pay for the house?
Taking a mortgage is always the most tax-efficient way to pay for a house. That's just the nature of how interest on debt and capital gains work. Even just taking a mortgage in order to spread the payment across 2 years is more tax-efficient.

But taxes are rarely the most important thing in life, so choosing the most tax-efficient way is likely the wrong choice.

I would use the proceeds from your previous house and take a mortgage for the rest. But I'm not you and you might prefer to have a smaller mortgage in retirement.

If I wanted a smaller mortgage my next step would be to liquidate the $60,000 emergency fund since you don't need to protect against unemployment when you are retired.

My third step would be to start putting taxable savings in a "house savings fund" that's invested in safe bonds or CDs.

I wouldn't liquidate current taxable savings just to lower the mortgage further.

remomnyc
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Re: Buying a house in retirement - what funds to use?

Post by remomnyc » Fri Oct 20, 2017 9:47 pm

You can get an asset depletion loan when you no longer have income, so you would sell your Cleveland home and use the $250k as your downpayment in SD and take out an asset depletion loan for the rest. I think the rule of thumb is they will let you borrow up to 1/3 of your assets. I know Wells Fargo offers asset depletion loans. I think Schwab has something similar. Rates are comparable to regular income based mortgages.

delamer
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Re: Buying a house in retirement - what funds to use?

Post by delamer » Sat Oct 21, 2017 11:53 am

raptor9118 wrote:
Fri Oct 20, 2017 9:22 pm
delamer wrote:
Fri Oct 20, 2017 1:57 pm
Here's some food for thought:

https://www.fidelity.com/viewpoints/ret ... ithdrawals

It is possible to get a mortgage in retirement, including one based on your assets. But apparently the asset-based mortgages can be hard to find. Otherwise, you are limited to qualifying based on income. Just something to keep in mind since you are considering a large mortgage for your SD home.
Thanks. I've read some other threads about getting a mortgage with retirements funds. I think some banks require you to show an income stream and not just assets sitting in an account.
Here's the type of loan that I've read about (no personal experience though):

http://www.kiplinger.com/article/retire ... tgage.html

raptor9118
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Re: Buying a house in retirement - what funds to use?

Post by raptor9118 » Mon Oct 23, 2017 6:55 am

AlohaJoe wrote:
Fri Oct 20, 2017 9:46 pm
raptor9118 wrote:
Fri Oct 20, 2017 12:48 pm
What is the most tax efficient way to pay for the house?
Taking a mortgage is always the most tax-efficient way to pay for a house. That's just the nature of how interest on debt and capital gains work. Even just taking a mortgage in order to spread the payment across 2 years is more tax-efficient.

But taxes are rarely the most important thing in life, so choosing the most tax-efficient way is likely the wrong choice.

I would use the proceeds from your previous house and take a mortgage for the rest. But I'm not you and you might prefer to have a smaller mortgage in retirement.

If I wanted a smaller mortgage my next step would be to liquidate the $60,000 emergency fund since you don't need to protect against unemployment when you are retired.

My third step would be to start putting taxable savings in a "house savings fund" that's invested in safe bonds or CDs.

I wouldn't liquidate current taxable savings just to lower the mortgage further.
Thanks for your advice. I guess minimizing taxes and minimizing costs are not always the same. Taking out a mortgage still requires paying interest, closing costs, etc. It's just finding that right balance. And sometimes it's worth it to pay a little more for less hassle and complication, i.e., biting the bullet and pay the capital gains tax and not deal with a mortgage if I didn't have to. I guess I'll have to weigh the options when the time nears. Thanks to members of this forum, I can make a conscious decision and not make a total blunder.

I think my plan is to try to increase my house saving funds and look into maybe diverting some of my TSP contributions to the Roth TSP starting next year. I'll also have to get educated on taxes.

bberris
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Re: Buying a house in retirement - what funds to use?

Post by bberris » Mon Oct 23, 2017 9:32 am

delamer wrote:
Fri Oct 20, 2017 1:57 pm
Here's some food for thought:

https://www.fidelity.com/viewpoints/ret ... ithdrawals

It is possible to get a mortgage in retirement, including one based on your assets. But apparently the asset-based mortgages can be hard to find. Otherwise, you are limited to qualifying based on income. Just something to keep in mind since you are considering a large mortgage for your SD home.
Yes we tried to do that. Couldn't find a lender willing and I would assume the interest rate would be higher if we had found one. They would only consider pension (and social security, if we were taking it) income. Agent said that if we were taking regular monthly distributions from the IRA, they would consider that as income, too. But that required two years history.

We could have gotten a loan secured by taxable assets, but decided instead to just put down more.

bloom2708
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Re: Buying a house in retirement - what funds to use?

Post by bloom2708 » Mon Oct 23, 2017 9:41 am

8 years out. I think it is too far out to make a plan. Max your various tax sheltered accounts. Keep saving in taxable.

You can only be happy in the present. Re-visit 7 years from now.

Your house might be worth $500k and a San Diego house might be $1 million. Or, your house might be worth $200k and a house in San Diego might be $700k.

Personally, I would not take a $500k mortgage into retirement. I do not think you would have to spend $700k to $800k. If you are retired, then you have some location flexibility and do not need to be in the center of things. Maybe a condo or even consider renting as an option. Many variables.
Where to spend your time: | 1. You completely control <--spend your time here! | 2. You partially control <--spend your time here! | 3. You have no control <--spend no time here!

bap
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Re: Buying a house in retirement - what funds to use?

Post by bap » Mon Oct 23, 2017 9:53 am

I am retired but spouse still employed. We recently applied for mortgage through TIAA, where we have sizeable accounts. Prequalifying took less than 30 minutes for the "asset dissipation" loan program. Good rates. Only snag is 30% down.

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