Borrower with the source of income being a monthly withdrawal from her IRA. She’s been receiving it for at least 6 to 9 months. It’s been set up through the administrator and she gets $2000/mo. Her balance is approximately 90K in the IRA. Can we use this as her income source when working up the FA?
Yes, this can be used as income source for HECM. Documentation of one month’s complete IRA statement and document withdrawals must be provided.