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A12 BUSINESS
Tuesday 18 april 2023

Liz Weston: Retiring? If

you need a home loan,

get one first

Ambassador suites
eagle beach
By LIZ WESTON 1 Br WK #13 room 1328 $5500
of NerdWallet 1 Br WK # 13 room1426 $5500
Retired engineers Kelly and 1 Br WK # 13 room 1134 $7800
Derek Barkey assumed 1 Br WK # 13 room 1235 $7200
they would be approved 1 Br WK # 13 room 1430 $8400
when they applied for a Call : 011-297-630-1307
$50,000 home equity line of johnnypaesch@gmail.com
credit two years ago to fix www.halleytimetravelaruba.online
up their new house.
The Barkeys, now 56 and Ambassador suites
59, had just sold their long- eagle beach
time home in Southern 1 Br WK # 14 room 1232 $7200
California and paid cash 1 Br WK # 14 room 1333 $8400
for a house worth about 1 Br WK # 14 room 1235 $7200
$850,000 near St. Louis, Mis- 1 Br WK # 14 room 1132 $7800
souri. They had retirement This undated file photo provided Call:011-297-630-1307
accounts worth $3 million, by NerdWallet shows Liz Weston, johnnypaesch@gmail.com
a columnist for personal finance
$500,000 in a taxable bro- website NerdWallet.com. www.halleytimetravelaruba.online
kerage account and ex- Associated Press
cellent credit scores. Ambassador suites
They were surprised when a W-2 forms and pay stubs eagle beach
national bank turned them to prove they have suffi- 1 Br WK 15 room # 1429 $4500
down. They tried a local cient income . Lenders can 1 Br WK 16 room # 1132 $4020
credit union, which also re- verify incomes through IRS 1 Br WK 16 room # 1432 $4500
jected them. transcripts, by calling an 1 Br WK 16 room # 1227 $3600
“We haven’t been turned employer or using massive Call: 011-297-630-1307
down for credit since about paycheck databases such johnnypaesch@gmail.com
1987,” says Kelly Barkey, re- as The Work Number. Lend- www.halleytimetravelaruba.online
membering when the cou- ers typically want to see
ple applied for a rewards two years’ worth of steady Casa Del Mar
credit card while she was income, but working bor- eagle beach
still a college student. rowers aren’t required to 2 Br WK # 13 room 1508 $17 K
HOME LOANS CAN BE prove that their incomes 2 Br WK # 13 room 1509 $14 K
HARDER TO GET IN RETIRE- will continue at the same 2 Br WK # 13 room 1214 $14 K
MENT rate. The rules are more 2 Br WK # 13 room 1305 $16 K
The federal Equal Credit complicated for retirees, 2 Br WK # 13 room 1216 $18 K
Opportunity Act prohibits Trawinski says. In addition to 2 Br WK # 13 room 1513 $16 K
lenders from discriminating proving they have enough Call:011-297-630-1307
against applicants based income to pay the loan, johnnypaesch@gmail.com
on age, but that doesn’t retired people often must www.halleytimetravelaruba.online
mean getting a home loan prove that the money will
in retirement will be easy continue for at least three Casa Del Mar
even for those with good years, she says. eagle beach
credit, little debt and plen- HOW MORTGAGE LENDERS 2 Br WK 14 room 1301 $16 K
ty of savings, financial plan- VIEW RETIREMENT INCOME 2 Br WK 14 room 1308 $14 K
ners say. The Barkeys say they draw 2 Br WK 14 room 1305 $16 K
The issue is often proving about $35,000 a year from 2 Br WK 14 room 1313 $9,5 K
that you have enough their taxable brokerage 2 Br WK 14 room 1216 $ 18 K
steady income to repay account, and Derek Bar- 2 Br WK 14 room 1513 $ 16 K
the loan, says Lori Trawin- key earns another $35,000 Call:011-297-630-1307
ski, director of finance and by consulting more than johnnypaesch@gmail.com
employment for AARP Pub- enough to support the pay- Casa Del Mar 2BR/2B:
lic Policy Institute. ments on a $50,000 home Week 2/unit 1113 (18k);
Working people can use equity line. q
Week 5/unit 1315 (20k);
Week 8/unit 1113 (19k);
Week 8/unit 1409 (19k);
Week 10/unit 1207 (17k);
Week 13/unit 1509 (14k);
Week 14/unit 1308 (14k); and,
Week 15/unit 1217 (10k).
CdMOwner@gmail.com
us(Call/Text): (860)992-3890
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