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If you’re concerned that you may be less attractive to a mortgage banker because you’ve hit retirement age, know that it is illegal to discriminate against anyone applying for a mortgage based on their age.

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Lenders’ chief focus will be onyour ability to repay your mortgage with your various sources of non-paycheck income.

“When you qualify for a mortgage, it’s all based on your income,” said Melissa Cohn, regional vice president at William Raveis Mortgage.

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If a portion of your income is not subject to tax, the lender may treat it as worth 25% more. Fannie Mae offers this example: Say 15% of a $1,500 monthly Social Security benefit is tax free. That means $225 of it will not be subject to tax ($1,500 x 15%). And 25% of that amount comes to $56 ($225 x 25%). So that $56 can be added to a person’s qualifying Social Security income amount ($1,500 + $56 = $1,556).

If you want to use your nest egg, different methods can be used to calculate how much income it would provide.There is theasset depletion methodin which your eligible assets are divided by your loan term. In the case of a 30-year mortgage, that would be 360 months. If your IRA is worth $700,000, that translates into $1,944 per month ($700,000/360). “You don’t ever have to take the money out — but you can use your assets [to qualify for a mortgage] as if you were going to take the distribution,” Cohn said.

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Lenders will also assess your debt-to-income ratio, because no matter how much income you have, the bigquestion is how much of it will be consumed by your debts.

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But ideally your debt level will fall well below these top limits, both for the lender’s sake and yours.

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Even before seeking a mortgage, get a good grasp on your expected monthly income and expenses in retirement.

Compared to pre-retirement earnings, “Most (new retirees) see a decrease in income,” said certified financial planner Lori Trawinski, director of finance and employment at AARP.

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Of course, you can downsize and move to a lower-cost area. But if you stay near where you lived during your career, your expenses are likely to rise over time.

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If you do move to a new state or region, weigh renting first. You can get a better sense of the cost of living in the area and decide whether it’s a good fit for you. As Stork put it, “Florida in August is not as fun as Florida in January.”

How much are you really willing to take on?All the usual financial decisions that go into homebuying apply no matter your age. But, in retirement especially, you don’t want to take on more debt than necessary, since the cost of a mortgage is fixed, but the returns on your investments, the housing marketand your health needs are variable.

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Beyond that, consider whether you feel comfortable keeping up — and paying for — maintenance on a home. Maintenance might amount to 2% a year of your home’s value, Stork said. That amounts to $10,000 a year on a $500,000 home. Maintenance is essential in preserving the value of your house should you ever decide to sell.

How would your mortgage interest rate compare to a reasonable rate of return on your investments?The decision to get a mortgage was a lot easier for retirees when rates were historically low — roughly 3% — and their nest eggs were earning a lot more. “But at today’s rates it’s a much harder calculation,” Stork said.

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