Rule lets seniors use retirement funds to qualify for mortgages

05/27/2013 | Washington Post, The

Freddie Mac and Fannie Mae are allowing seniors to count imputed monthly income from IRA and 401(k) accounts and other retirement assets when applying for mortgage loans, even if they are not actually drawing down those funds for mortgage payments. The rules are aimed at baby boomers whose monthly incomes plummet when they retire but who are financially sound on paper.

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