I have a client whose source of income is a monthly withdrawal from her IRA. She’s been receiving it for at least 6 months and it may be 9…she’s not sure when it started. It’s been set up through the administrator and she gets 2000/mo. Her balance is approx. 90k in the IRA. Can we use that as her income source when working up the FA? (I know w/ a forward mortgage as long as there’s 3 years continuance of income we’d be fine and 2k x 36 months would be 72k so that would work.)
Yes you can use this as income source for HECM. Provide one month’s complete IRA statement and document withdrawals.