retired but want to buy a rental property
We sold our business and are now retired. We have our money in stocks right now but were thinking of buying a rental home. Is this wise if so how do we go about obtaining a mortgage thru the bank since we no longer have an income. We can make the down payment. thank you
Terry Says
It’s doubtful that a bank will give you a mortgage after you are retired, especially for an income property. And have you all the implications of owning a rental — including choosing tenants,dealing with non-paying tenants, AND fixing the roof and toilets. Perhaps reconsider this plan!
