Planning to retire in about 1 yr. Currently own our home outright with a current value of $450,000. Other assets total about $1,900,00. No debt. Are there any issues in obtaining a mortgage for a retirement home in sun country USA now that I no longer have an income.
With no income, your assets can be used to qualify you for a mortgage.
Fannie Mae/Freddie Mac would use your assets to calculate a monthly income using this formula:
((qualifying assets * 0.7) - closing costs)/360
Qualifying assets would be pretty much all of your liquid assets that aren't subject to withdrawal penalty and are related to employment savings, but they vary by lender.
Closing costs aren't always subtracted.
So if you have $1,900,000 in qualifying assets, they'd consider your monthly income $3,694 for mortgage qualifying purposes (if no closing costs deducted).
Lenders that don't work with Fannie or Freddie can do this calculation differently. Here's a good article with a more detailed list of which assets can be considered: Use your Nest Egg as Qualified Income for a Mortgage
I doubt you'll have issue getting a mortgage, but you might qualify for less than you expected due to their calculation.