Boris & Thelma Volbeda

Not so Simple Refinance

“I had been told by several lenders that I would not qualify to refinance my house because my income had declined as I had become semi- retired and was volunteering more and more time to a non-profit.
I had an large retirement fund and not much credit card debt so I thought it would be easy. No such luck.” – Boris Volbeda

Boris had the typical early retirement profile after years of making a six figure income. As he wound down his business career his income had gone down and even though he properly managed his finances for over thirty years, he couldn’t refinance which would have reduced his monthly mortgage substantially (over $550 per month). After studying all the guidelines on using assets to qualify, we came across a little known rule that allows a borrower to set up automatic income distribution from an IRA and use that income to qualify (without the normal proof of previous two years receipt) as long as the asset would not be depleted in 36 months.

After talking in depth with Boris about his income needs and the qualification requirements, we created a monthly distribution that was acceptable to both (and allow the assets to not be depleted anytime soon). We then were able to get his refinance loan approved and save him some serious money and get him set for retirement.

“ Without Glenn’s patience, as I went back and forth many times talking with him and my financial adviser, I would not have ever gotten this loan, and we’re glad we did! Glenn truly took the time to understand our needs but also to find rules that work in our favored for a change!”

Let's talk about your plans

Get a Rate Quote