Page 12 - aruba-today-20230419

A12 BUSINESS
Wednesday 19 april 2023

Liz Weston: Retiring? If

you need a home loan,

get one first

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