retirees proving income
retirees proving income
My mom is thinking about renting an apartment.
They are requiring income 3x of the rent.
Some of the rent can be covered by Social Security and pension.
The rest can be covered by RMD she receives.
What do people do to provide just enough proof to get approved but not divulge too much information with regards to net asset?
They are requiring income 3x of the rent.
Some of the rent can be covered by Social Security and pension.
The rest can be covered by RMD she receives.
What do people do to provide just enough proof to get approved but not divulge too much information with regards to net asset?
Last edited by Nyc10036 on Wed Aug 04, 2021 5:05 pm, edited 1 time in total.
Re: retirees proving incoming
Looks like an auto-correct, I suspect that intended title is: “Retirees: proving income” rather than “incoming”.
You can edit the title by editing the original post.
You can edit the title by editing the original post.
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Re: retirees proving incoming
Tax return, perhaps. Or maybe a letter from bank.
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Re: retirees proving income
Ask the landlord what they need, and what they will accept.
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Re: retirees proving income
Memory is a little rusty, but I believe that's what I provided. 1099Rs from pensions and VG IRA, plus SSA 1099.Nyc10036 wrote: ↑Wed Aug 04, 2021 3:48 pm My mom is thinking about renting an apartment.
They are requiring income 3x of the rent.
Some of the rent can be covered by Social Security and pension.
The rest can be covered by RMD she receives.
What do people do to provide just enough proof to get approved but not divulge too much information with regards to net asset?
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Re: retirees proving income
Tax returns will probably be sufficient, or a collection of W2s, etc.
Renting can be more invasive than buying. There will probably be a background check also (at the renter's expense, of course).
Renting can be more invasive than buying. There will probably be a background check also (at the renter's expense, of course).
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Re: retirees proving income
They did a BG check on me too, but at their expense.adamthesmythe wrote: ↑Wed Aug 04, 2021 5:15 pm Tax returns will probably be sufficient, or a collection of W2s, etc.
Renting can be more invasive than buying. There will probably be a background check also (at the renter's expense, of course).
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Re: retirees proving incoming
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Re: retirees proving incoming
This isn't going to help recent retirees, unfortunately.
They won't still have that job, and they also won't yet have even one year's worth (and never mind if 2+ years are requested/required) of IRA/etc., distributions.
RM
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Re: retirees proving income
Ah!cheese_breath wrote: ↑Wed Aug 04, 2021 5:14 pmMemory is a little rusty, but I believe that's what I provided. 1099Rs from pensions and VG IRA, plus SSA 1099.Nyc10036 wrote: ↑Wed Aug 04, 2021 3:48 pm My mom is thinking about renting an apartment.
They are requiring income 3x of the rent.
Some of the rent can be covered by Social Security and pension.
The rest can be covered by RMD she receives.
What do people do to provide just enough proof to get approved but not divulge too much information with regards to net asset?
I had forgotten about 1099s.
She can selectively choose which ones to provide so long as they take her over the threshold.