I'm Retired and Earn Social Security Income. Can I Get a Mortgage?

Mortgage and Lending with Taylor Morrison Home Funding NMLS#: 1054841

"I'm retired and earn social security income. Can I get a mortgage?"  This is a common and understandable question for those earning a social security income. Regarding income used for mortgage qualification, Income is income.  In fact, as with some military income that is not taxable, it can likely be grossed up and counted as up to 25% more than the actual social security income amount since it will not be taxed. Just as any employment income, it needs to be continuous and sustainable.  As long as your income is verifiable, legal etc. and it can be documented for at least the past two years, the income can likely be used for qualification of a mortgage loan.  

Although retired individuals no longer have W-2 income, a mortgage is not out of the question when using other income sources such as social security, pensions, annuities etc. Every individual is obviously in a different and unique situation, so it is always best to speak with a mortgage professional about your specific situation (I prefer that professional to be myself of course). As with any mortgage application, you will need to be prepared to answer questions about your income, assets and expenses and then we will verify the information with statements for all.  


Even though mortgage regulations and requirements have become more stringent in the last few years, basic qualification principles have not changed. Income is income. So don't fret if you are looking to apply for a mortgage while retired and earn social security income as your main income source. 

Comments (2)

Gordon Wood
Canyon Ridge Realty LLC - Scottsdale, AZ

Thanks for the info as the aging population increases so will this question.

Apr 05, 2014 12:50 AM
John Pusa
Glendale, CA

Mike - Thanks for the good information about retires earn Social Security income can get mortgage.

Apr 06, 2014 01:49 AM