Can you get a mortgage if you are not working?

The short answer to this question is yes it is possible. However, the other short answer is that it is generally more expensive than if you have these three things:

1. Income
2. Credit
3. Down payment saved or equity in your home

These are the three things that you needTo get good terms on a mortgage.

If you have good credit and you have a large enough down payment if you were purchasing a home, or enough equity in the home if you’re refinancing, but you have no declared income or a little declared income, Then it is possible to get what is called an equity loan.

An equity loan is one where the loan or mortgage is secured almost solely on the value of the property and not your ability to make mortgage payments which would require declared income.

An equity loan should be a short term solution because it can be expensive with a high rate and fees. If you are over 55 and you were in the situation where you have very little income but lots of equity in your home, it might make more sense to inquire about a reverse mortgage which is in itself a type of equity loan.