RetireJapan

Remus wrote: ↑Sat Jun 22, 2024 1:11 am

RetireJapan wrote: ↑Fri Jun 21, 2024 7:54 am I was lucky enough to get my mortgage while I was employed at a prestigious university. It made it very easy.

That's great! But how about a situation when one gets a mortgage and then quits one's job a couple of years later to FIRE. Will one be fine or will the bank cause trouble because the employment situation has changed (despite one having an abundance of assets)?

Once you have the mortgage you don't need to notify the bank about any change in circumstances. As long as you keep paying, it's all good

I'm a Japanese resident with significant retirement income.

You didn't mention where the income is from, but we are considering taking a pledged asset loan, similar to a HELOC, against our brokerage account before moving to Japan. Putting the loan money into my wife's account so she can bring it to Japan. Then I would just pay it off with my income instead of remitting my income into Japan. Not sure how viable it would be for you as you are currently living in Japan, I'm not even sure how viable it is for us, but since she has not lived in Japan for more that 10-years we can at least avoid a gift tax.

I had similar experience. Having bank interest and real estate earnings in Australia totalling 400K plus still working in Japan , but they only look at the salary. And as I’m 65 their judgement is “he will stop working soon” even I san service the loan without salary or just sell one of overseas properties. Usual non-entrepreneurial Japan (: