Go Back   iRV2 Forums > MOTORHOME FORUMS > MH-General Discussions & Problems
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 12-02-2015, 06:36 PM   #15
Senior Member
 
tankcj's Avatar


 
Monaco Owners Club
Join Date: Oct 2010
Location: Lake Havasu City, AZ
Posts: 933
Quote:
Originally Posted by maypo050770 View Post
Should I be concerned about buying an RV after I retire? I have good credit and a pension and money saved. All that being said if I put down between 25 and 50% on a 250000 motorhome is the bank going to laugh at me when I'm not employed or is this something I should be doing before I retire?
No. They don't care about a job as much as they do 'income'. They want to know that you have the ability (income) to repay the loan. Whether you work 40 hours a week, a year or not at all is not important.
__________________

__________________
2008 Beaver Contessa 40' Pacifica 425 Cat
2011 Jeep Rubicon
2012 Ram 2500 CTD CC 4WD
tankcj is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 12-02-2015, 11:30 PM   #16
Senior Member
 
Alan_Hepburn's Avatar
 
Fleetwood Owners Club
Workhorse Chassis Owner
Join Date: Feb 2000
Location: San Jose, Ca, USA
Posts: 1,045
Our experience: about a year after we retired we decided to refinance our RV to drop the payment. At the time we were living off the substantial retirement package my company gave me, we were too young to start collecting from our 401(k) plans, we weren't getting social security, etc - in other words our income was $0. But between our 401(k)s, pensions, and liquid cash in savings accounts we could easily pay off the existing loan - but we chose not to for a few personal reasons.

Anyway, we went to the bank that held the loan on the RV and had to talk to a loan officer, rather than try and apply online. We had to show all our assets, and also show that we would be able to show enough "income" to cover the loan payments as soon as we were eligible to start drawing from our various retirement accounts. The local loan officer had to call his head office to get everything approved, but once they were happy with our situation it was no problem getting the refi done.

A few years ago my wife's parents passed away and she and her sister inherited a house. We wanted to buy out her sister's half of the house and by then we were getting regular checks from social security, my IRA (rolled over from my 401(k), and an annuity, and we could show rental income on the house - all that was more than enough to cover the mortgage payment and we had no problem getting banks to issue us a mortgage, and then a refi a little over a year later.

Bottom line: you don't need a job, but you do need "income".
__________________

__________________
Alan Hepburn - San Jose, Ca
2007 Bounder 35E being pushed by a 2008 smart fortwo Passion
Good Sam Member #566004 * FMCA Member #F431612
Alan_Hepburn is offline   Reply With Quote
Old 12-03-2015, 02:10 AM   #17
Senior Member
 
Join Date: Mar 2015
Location: Newcastle, WA
Posts: 287
We purchased an rv in June of this year. The wife works while I am retired with a pension. The house loan was paid off over 20 years ago. Our credit score was the highest the rv salesman had ever seen. I preferred to keep our money at this time invested, minus the down payment. So we pursued a $98k loan without restrictions for the remainder, which the dealer offered to arrange at 3.49%.
Out of the several banks the dealer works with none would grant the loan. The reason being we had no history of carrying debt, other than the house which was paid off long ago. The finance dept. of the dealer finally cajoled one of the banks to accept our loan application.
I was actually very surprised that initially a loan was denied by all the banks, sure that our financial history and income would make us a good risk.
Mortgage interest payments are deductible off your income, but that requires that you itemize. When one itemizes you forgo the standard deduction, so actually your interest payments are in reality effectively deductible only after the point where they exceed the standard deduction. A calculation I have heard few mention when bragging about their house mortgage deductions.
__________________
Kevin n Chriss
2015 Newmar 3103 Bay Star -The Pay Car-
1993 Fleetwood 28T Bounder -The Flounder-
Steady_Rest is offline   Reply With Quote
Old 12-03-2015, 09:59 AM   #18
Member
 
Join Date: Nov 2014
Posts: 37
So, generally speaking it sounds like getting a mortgage shouldn't be a problem if I can prove income. One of my investments is a Roth IRA. I believe (not 100% sure) that I can use that money to put a down payment on a motor home without penalty before I retire. The motor home will be my first home so it qualifies in that regard but it is a motor home, not a stick and brick home so I'm not sure what ramifications that has if any. All that being said I will probably purchase before I retire as my income will be substantially greater than my pension. If that's not a reality I will have to wait till I retire. ALL my money is in retirement accounts so I wouldn't have any money to give as a down payment before retirement. I have quite a few years before retirement so I guess we will see what happens. Can't wait!
__________________
maypo050770 is offline   Reply With Quote
Old 12-03-2015, 10:11 AM   #19
Moderator Emeritus
 
Gary RVRoamer's Avatar


 
Join Date: Jan 2000
Location: Silver Springs, FL. USA
Posts: 18,078
I've been retired for 22 years now and have had no problem financing several RVs, new cars, etc. Lenders care about your income, not employment, so be prepared to demonstrate that you have income (pension, social security, IRAs, etc.) to support the cash flow you will need. If your retirement income is from sources not readily verifiable on a credit check, you may be asked to supply a copy of recent federal tax return(s) to substantiate your income.
__________________
Gary Brinck
Former owner of 2004 American Tradition
Home is in the Ocala Nat'l Forest near Ocala, FL
Summers in Black Mountain, NC
Gary RVRoamer is offline   Reply With Quote
Old 12-03-2015, 11:15 AM   #20
Senior Member
 
Join Date: Apr 2010
Location: Western NY
Posts: 2,801
Quote:
Originally Posted by maypo050770 View Post
So, generally speaking it sounds like getting a mortgage shouldn't be a problem if I can prove income. One of my investments is a Roth IRA. I believe (not 100% sure) that I can use that money to put a down payment on a motor home without penalty before I retire. The motor home will be my first home so it qualifies in that regard but it is a motor home, not a stick and brick home so I'm not sure what ramifications that has if any. All that being said I will probably purchase before I retire as my income will be substantially greater than my pension. If that's not a reality I will have to wait till I retire. ALL my money is in retirement accounts so I wouldn't have any money to give as a down payment before retirement. I have quite a few years before retirement so I guess we will see what happens. Can't wait!
One caution on the Roth. It has to be in the account for at least five years before it can come out tax free. If it comes out before that time you may end up paying tax on the earnings of the Roth. Other than that, the only other thing I would check out is the rate of return you are getting on the Roth. If it exceeds the interest rate of your loan, you may want to take out a larger loan and leave more in your Roth. The interest on the RV loan will be deductible assuming you itemize. Depending on your income the tax deduction should save you anywhere from 15% to 40% of the amount of the interest you are paying.
__________________
2011 Berkshire 390bh (traded) 2018.5 Entegra Aspire 44R on order
wnytaxman is online now   Reply With Quote
Old 12-03-2015, 11:44 AM   #21
Senior Member
 
vapor3000's Avatar
 
Join Date: Jan 2012
Location: NE Oklahoma
Posts: 509
Quote:
Originally Posted by maypo050770 View Post
Should I be concerned about buying an RV after I retire? I have good credit and a pension and money saved. All that being said if I put down between 25 and 50% on a 250000 motorhome is the bank going to laugh at me when I'm not employed or is this something I should be doing before I retire?
The best way to keep them from laughing is NOT borrowing their money. For the amount of money you are prepared to put for a down payment for a NEW coach will buy a really nice USED motor home. You will have plenty of other uses for your retirement dollars without paying interest and depreciation on a new MH.

I bought a 10 year old Newmar 4011 DSDP with 30K miles for $80K. It drives and performs just like a new one for around 200 grand less money!!
__________________

__________________
Rick and Lynda Smith
2004 NEWMAR DSDP M-4011-SPTN 8.9 Liter Cummins
2011 GMC SLT 1500 4WD CREW toad
vapor3000 is online now   Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How to do a job interview bsinmich RV'ing Humor & Crazy but True Stories 7 07-31-2016 10:18 PM
The Roof Job BadLarry Vintage RV's 4 09-07-2014 11:39 PM
CONTEST for PHOTOSHOP for my PAINT JOB!! bamaboy473 iRV2.com General Discussion 6 09-03-2014 07:28 AM
Home Mortgage Interest Scottybdivin iRV2.com General Discussion 8 02-22-2014 07:55 AM
Decals, Exc. job by body shop, reasonable frederick w iRV2.com General Discussion 2 07-15-2013 10:33 PM

» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 02:10 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.