We found a solution and they got their dream home
By Nate Tomkiewicz • June 14, 2019
I had a client come to me and ask how they could qualify for a mortgage if they don’t have income? Their current home had become a burden and they needed to start the process of finding their next (more manageable) dream home.
They assumed that selling their current home would need to come first, and then immediately they would have to find their next one, a task they thought might be impossible in today’s incredibly tight housing market.
They have no income, but they do have substantial retirement accounts, however taking $500,000 or so from an IRA to buy a house would result in a not-so-pleasant tax bill from Uncle Sam. We’ve seen this before, so we had a solution.
I contacted a mortgage broker who I was familiar with, and we created a plan; by sending money from their investment account to their checking account we were able to create an income stream that got them qualified for a mortgage. They have since closed on their new dream house and avoided a nasty tax bill.
Nate specializes in retirement planning and maximizing employee benefits for people who have worked hard for their money and want to pass it on to children or charity. With this knowledge, Nate helps nurses, doctors, and healthcare professionals in the Berkshires find opportunities they didn’t know they had.
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