Challenges in Getting Loans after Retirement (And How to Fix Them)
Getting a loan can be difficult for many people, no matter their stage of life. But during retirement, with the absences of a steady income stream, that challenge can grow to be much larger as lenders grow wary of retirees’ financial positions. However, there are some workarounds. First, shop different lenders – some are more willing than others. Next, consider your streams of income – and be sure to take them into account. Then, once you find a good lender, stick with them.
Key Takeaways:
- Getting a loan can be tough for just about anyone – but it’s even harder for retirees.
- However, there are a few things that retirees can do to return the odds to their favor.
- For one, consider all income sources when applying. Then, shop lenders. And, once you find a good one, stick with them.
“Having a good credit score doesn’t also give you much advantage in retirement because lenders put more emphasis on your income.”
