My Only Source of Income is Social Security.

If you are not employed, but receive income from social security or a pension, you can still qualify for a home loan. You will need to show proof of the amount you receive monthly and verify that you have been receiving it on a regular basis and can reasonably expect it to continue in the future.

Even other sources of retirement, such as pensions, IRA payments, or annuity payments allow you qualify for a home. Collect those documents showing proof of the amount you receive and provide these to your mortgage broker.

With great credit and a low Loan to Value, it's common that you will not have to supply income documentation at all. There are a multitude of programs available to you, some of which don't even require you to be employed.

One advantage of using Social Security as income is that you can gross it up 125%. For example if you receive $1,400 per month you can show on your mortgage application that you receive $1,750.

If you are on a fixed income and 62 or older, one other option to look into is a reverse mortgage. You can increase your income stream by utilizing the equity you have built into your home.

» DISCLAIMER: The information contained in this article on 'My Only Source of Income is Social Security.' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.