OT: Retire in CA?

[Djshakes]

Can he even get a mortgage with an income source from dividends? The banks are really strict on who they loan to now…the pendulum effect from a few years ago.

[carli]

I know firsthand that the general answer to that question is probably “no”. For example, we have only 30% of the value of our house mortgaged (per the bank’s own appraisal) and it took us 4 months to re-fi recently, with lots of requests for tax returns and other info, and almost didn’t happen, even though we have super high FICO scores and cash in the bank to pay off the mortgage in full several times over. The banks only want to see income from a job, not from interest.

[carli]

I know firsthand that the general answer to that question is probably “no”. For example, we have only 30% of the value of our house mortgaged (per the bank’s own appraisal) and it took us 4 months to re-fi recently, with lots of requests for tax returns and other info, and almost didn’t happen, even though we have super high FICO scores and cash in the bank to pay off the mortgage in full several times over. The banks only want to see income from a job, not from interest.

[carli]

I know firsthand that the general answer to that question is probably “no”. For example, we have only 30% of the value of our house mortgaged (per the bank’s own appraisal) and it took us 4 months to re-fi recently, with lots of requests for tax returns and other info, and almost didn’t happen, even though we have super high FICO scores and cash in the bank to pay off the mortgage in full several times over. The banks only want to see income from a job, not from interest.

[carli]

I know firsthand that the general answer to that question is probably “no”. For example, we have only 30% of the value of our house mortgaged (per the bank’s own appraisal) and it took us 4 months to re-fi recently, with lots of requests for tax returns and other info, and almost didn’t happen, even though we have super high FICO scores and cash in the bank to pay off the mortgage in full several times over. The banks only want to see income from a job, not from interest.

[carli]

I know firsthand that the general answer to that question is probably “no”. For example, we have only 30% of the value of our house mortgaged (per the bank’s own appraisal) and it took us 4 months to re-fi recently, with lots of requests for tax returns and other info, and almost didn’t happen, even though we have super high FICO scores and cash in the bank to pay off the mortgage in full several times over. The banks only want to see income from a job, not from interest.

[scaredyclassic]

Otoh instead of retirement taking time out for radical retooling for a better different job or adventure sounds more prudent and probably more fun and invigorating

[scaredyclassic]

Otoh instead of retirement taking time out for radical retooling for a better different job or adventure sounds more prudent and probably more fun and invigorating

[scaredyclassic]

Otoh instead of retirement taking time out for radical retooling for a better different job or adventure sounds more prudent and probably more fun and invigorating

[scaredyclassic]

Otoh instead of retirement taking time out for radical retooling for a better different job or adventure sounds more prudent and probably more fun and invigorating

[scaredyclassic]

Otoh instead of retirement taking time out for radical retooling for a better different job or adventure sounds more prudent and probably more fun and invigorating

[UCGal]

My grandfather retired early (55) in the early 70’s. Inflation KILLED thier budget. My grandmother, who’d never worked outside the home, became a “shop girl” at Quon Mane in La Jolla…, in her 60’s. The fixed income/pension that they thought would be enough wasn’t. It wasn’t the retirement of their plans.

[quote=walterwhite]Otoh instead of retirement taking time out for radical retooling for a better different job or adventure sounds more prudent and probably more fun and invigorating[/quote]

This is actually a great idea. I have 2 friends and a sister who’ve done this. One friend has an undergrad degree from Penn, MBA from Columbia, and was doing technical marketing for 15 years… She realized she’s always be a square peg in a round hole. She took some inheritance, paid off her house, traveled around the world for a year (volunteering in 1 month increments to allow her to meet people and get her host family lodging.) She came back, and started working as a director for a non-profit… Much more fulfilling for her than the corporate rat race. My sister decided in her early 30’s to chuck her corporate job and get a teaching credential… Lower income potential, but it was a good choice for her and her students – she’s a great teacher. Plus summers off to travel and do mission work in Africa. She’s never looked back.

[UCGal]

My grandfather retired early (55) in the early 70’s. Inflation KILLED thier budget. My grandmother, who’d never worked outside the home, became a “shop girl” at Quon Mane in La Jolla…, in her 60’s. The fixed income/pension that they thought would be enough wasn’t. It wasn’t the retirement of their plans.

[quote=walterwhite]Otoh instead of retirement taking time out for radical retooling for a better different job or adventure sounds more prudent and probably more fun and invigorating[/quote]

This is actually a great idea. I have 2 friends and a sister who’ve done this. One friend has an undergrad degree from Penn, MBA from Columbia, and was doing technical marketing for 15 years… She realized she’s always be a square peg in a round hole. She took some inheritance, paid off her house, traveled around the world for a year (volunteering in 1 month increments to allow her to meet people and get her host family lodging.) She came back, and started working as a director for a non-profit… Much more fulfilling for her than the corporate rat race. My sister decided in her early 30’s to chuck her corporate job and get a teaching credential… Lower income potential, but it was a good choice for her and her students – she’s a great teacher. Plus summers off to travel and do mission work in Africa. She’s never looked back.

[UCGal]

My grandfather retired early (55) in the early 70’s. Inflation KILLED thier budget. My grandmother, who’d never worked outside the home, became a “shop girl” at Quon Mane in La Jolla…, in her 60’s. The fixed income/pension that they thought would be enough wasn’t. It wasn’t the retirement of their plans.

[quote=walterwhite]Otoh instead of retirement taking time out for radical retooling for a better different job or adventure sounds more prudent and probably more fun and invigorating[/quote]

This is actually a great idea. I have 2 friends and a sister who’ve done this. One friend has an undergrad degree from Penn, MBA from Columbia, and was doing technical marketing for 15 years… She realized she’s always be a square peg in a round hole. She took some inheritance, paid off her house, traveled around the world for a year (volunteering in 1 month increments to allow her to meet people and get her host family lodging.) She came back, and started working as a director for a non-profit… Much more fulfilling for her than the corporate rat race. My sister decided in her early 30’s to chuck her corporate job and get a teaching credential… Lower income potential, but it was a good choice for her and her students – she’s a great teacher. Plus summers off to travel and do mission work in Africa. She’s never looked back.

[UCGal]

My grandfather retired early (55) in the early 70’s. Inflation KILLED thier budget. My grandmother, who’d never worked outside the home, became a “shop girl” at Quon Mane in La Jolla…, in her 60’s. The fixed income/pension that they thought would be enough wasn’t. It wasn’t the retirement of their plans.

[quote=walterwhite]Otoh instead of retirement taking time out for radical retooling for a better different job or adventure sounds more prudent and probably more fun and invigorating[/quote]

This is actually a great idea. I have 2 friends and a sister who’ve done this. One friend has an undergrad degree from Penn, MBA from Columbia, and was doing technical marketing for 15 years… She realized she’s always be a square peg in a round hole. She took some inheritance, paid off her house, traveled around the world for a year (volunteering in 1 month increments to allow her to meet people and get her host family lodging.) She came back, and started working as a director for a non-profit… Much more fulfilling for her than the corporate rat race. My sister decided in her early 30’s to chuck her corporate job and get a teaching credential… Lower income potential, but it was a good choice for her and her students – she’s a great teacher. Plus summers off to travel and do mission work in Africa. She’s never looked back.

[Author]

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