If you’re planning on getting a mortgage in retirement to buy the dream house in Hawaii, this video is for you.  Mortgages in retirement require more planning than when you’re regularly employed and I list out 4 things you need to consider so the process goes smoothly.

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let’s talk about
how to go about getting the right kind
of mortgage in retirement for a home you
want to buy in hawaii so you got hawaii
on your list of places you want to
retire is why right for you well if
you’re going to need a mortgage to buy a
home in hawaii in retirement you want to
pay attention to the things i’ve got to
share in this video like with other
things in retirement planning is a must
and i’ve got four things for you to
for getting that mortgage the right way
in hawaii in retirement let’s do this
aloha i’m peter kay and i’ve been living
in hawaii since the 80s i am living the
and i connect with other people that
want to live in hawaii as well so if
that’s you this is your channel get
subscribed get the notifications for the
new videos we turn out about every other
week so this video is part of a longer
playlist i have about a lot of different
aspects like that beautiful
beautiful view over there i love that
guys i’ve got a playlist for you to
all about retiring in hawaii all the
different things you want to think about
family planning the house the right
district all that kind of stuff check
that out i’ll have a link in the
description and it’ll come at the end of
this video okay so what should you know
about retirement planning in hawaii that
involves a mortgage i’m not a
professional mortgage broker this is not
professional advice this is just based
on me and discussion with friends and
professionals about things you should
so of course consult the professional
all that good stuff you know what i’m
talking about okay number one
start planning
for that mortgage as early as you can in
the process personally i’m a big fan of
the debt free life okay so if you can
buy a home in hawaii debt-free do it but
you’re going to get a mortgage you got
to think about it and qualifying for a
in a retirement situation with
retirement income is going to require
some additional planning because it’s
not like when you had a job and you
showed your you know last two years of
your tax returns with your income and
that gave you your qualifier doesn’t
work that way in retirement not exactly
when you go from being a worker to
retire your income changes and there’s a
lot of different variations on what that
means what you know where your
retirement incomes comes from or if
you’re living off of savings or
different investments
and so it can significantly change your
ability to qualify for a mortgage and
that’s why you got to start early okay
number two
if you can
keep working keep that job until you get
the new mortgage in retirement in hawaii
if you’ve got a job and you can work
remotely especially these days keep that
job until you get the mortgage if you
still have a job and you can work
remotely you may want to consider just
keep working close on the home and then
once you close on the home then you can
retire because after you’re closed it
doesn’t matter right as long as you pay
your mortgage the bank doesn’t care i’m
assuming you’ve already planned out your
retirement sufficiently so that
after you get the mortgage you can leave
that job and still keep making those
mortgage payments what you want to avoid
is retiring first and then applying for
a loan without having it planned it out
because it’s not going to look at your
current income and if it doesn’t if they
don’t look at it or treat it the same
way as as as work income you can totally
blow up your qualification uh for a
mortgage now look if you’re a remote
worker this could work out perfectly tom
who’s a member of our islander ohana had
one of these aha moments when we were
talking about this topic so i guess i’m
i’m taking my company’s offer to keep
working as a virtual employee in hawaii
until i get the mortgage exactly exactly
tom keep the job you know keep the job
keep the income get the mortgage and
then you can quit and do whatever you
want to do what he’s going to do
he’s going to move to hawaii
buy the house qualify on the income he’s
got right now with where he’s working
then he could quit his job kind of
whenever he feels like it and assuming
he can continue making the mortgage
payments he’s in great shape he got it
can’t beat that hey are you on my
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subscribe anytime you want point number
three what about getting the mortgage if
you’ve already retired and you’re no
longer working how does that work for
the purposes of qualifying for a
mortgage it’s not about how much money
you have in the bank or what your total
net worth is it’s about what your income
is so let’s say for example you got five
million dollars in the bank and you have
zero income and you want to apply for a
loan well guess what so you don’t
qualify for a mortgage right like
because you need to have income they
don’t really care about how much money
you have on hand so let’s stick with our
hypothetical and start with that five
million dollars what you could start
doing is start making
making regular consistent draws over a
period of time so that that you can show
it as
basically regular income even though
it’s coming out of the portfolio account
because you have to show you have to
show some kind of stream of income now
you can also do an asset based loan
that’s not based on income where if you
can show the portfolio of assets you can
actually get a loan on that through a
very few lenders and the interest rate
is higher and i know the lenders to be
able to put you in touch with for that
finally number four
you really gotta plan like any good plan
with the end in mind should you keep
working or not if you’re not working are
you making regular withdrawals or do you
go for the exotic asset based loan so
start with the end in mind once you have
an idea of what you’ll be buying and
have an idea of how much you’re going to
need to qualify you can start the
conversation early now if you want i can
put you in touch with the guys you saw
in the video dylan and scott they’re
super qualified i’ve known them well
but regardless quick summary
start with the end in mind talk to
professionals as early as you can in the
process adjust your retirement income so
that you’ll qualify for the mortgage
that you need and then you too
can live the dream
in hawaii in retirement all right got a
question for me
in the description i’ve got a link to a
form click on that fill it out
ask your question make sure you give me
your name and where you’re from so i can
give you credit if i take the question
to a video i’m peter k
and i am living the dream in the most
beautiful place on earth
and so can you