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Retired early, mortgage question

I retired early and have been shopping homes, looking to sell mine and purchase another. For some reason, I figured if you showed significant assets, that would help get approved for a mortgage. Apparently not true and you need to show income. Here's what I'm thinking, please let me know if this should work.

First, I would use the 72t option to start taking penalty free distributions from my IRA's. These are a fixed amount. To supplement that, I would consider using cash to purchase a five year immediate annuity, for whatever additional income is needed. I'm within five years of age 59.5, so this just needs to be a five year plan.

Let me know if there are any holes in this approach. I plan to speak with some lenders about this approach, they just all seem to be super busy right now.

submitted by /u/upvoter2u
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source https://www.reddit.com/r/RealEstate/comments/kmqcma/retired_early_mortgage_question/
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