Pension and Social Security income can be considered for a VA cash-out refinance without a paycheck from a job. The lender still reviews the amount, how likely it is to continue, and whether it supports the new mortgage.
Retirement income can qualify. It still has to be documented and reviewed.
You may qualify for a VA cash-out refinance using retirement income without a paycheck from a job. VA’s underwriting standards say income cannot be discounted solely because it comes from an annuity, pension or other retirement benefit.
The lender can still evaluate how much you receive and whether that income is likely to continue. Retirement itself neither approves nor disqualifies a file.
A VA cash-out refinance replaces the existing mortgage and may provide cash from home equity. You still need a Certificate of Eligibility, you must meet VA’s and the lender’s credit and income standards, you must live in the home you are refinancing, and the lender orders an appraisal to confirm the property meets VA’s requirements.
Bottom line: pension and Social Security income can support a VA cash-out refinance, but the amount, its continuance, your debts, residual income, credit and the property all still have to qualify.
VA Income Review
The income review looks at the whole monthly picture, not just the source.
Not discounted for its source
VA’s underwriting standards do not allow income to be discounted solely because it comes from an annuity, pension or other retirement benefit.
Amount and continuance
A lender can consider how much income you receive and how likely it is to continue.
Debt-to-income and residual income
VA’s two primary underwriting standards are the debt-to-income ratio and residual income, the money left for household living expenses after housing costs and other monthly obligations.
Equity is not income
Equity in the home can count as a compensating factor in a refinance, but it does not replace the income review.
Document Your Income
Start with documents that explain your income.
Ask your banker early which records your file needs, so the income review is not waiting on paperwork.
Pension and retirement benefits
Ask your banker which pension statements, benefit letters and deposit records your file needs. The goal is to show the amount you receive and that it is expected to continue.
Social Security
You can download a benefit verification letter through Social Security’s website. Social Security provides the letter as proof of income for a loan or mortgage application.
Compare the cost before replacing the mortgage
A cash-out refinance replaces your current loan under different terms and involves closing costs. Review the proposed payment, total borrowing and costs before deciding whether it helps your retirement budget.
Common Traps
Do not let a refinance pitch outrun the math.
"No job means no VA cash-out"
No. Income from an annuity, pension or other retirement benefit cannot be discounted solely because of its source.
"I have lots of equity, so income does not matter"
No. Equity can be a compensating factor, but VA underwriting still reviews income, debts and residual income.
"A paid-off home still qualifies for cash-out"
No. A property with no existing mortgage or other recorded lien is not eligible under VA’s cash-out rules.
Source Notes
Keep the borrower path connected.
This page is based on VA’s underwriting standards at 38 CFR 36.4340 (edition of July 1, 2025), CFPB guidance on age and income sources last reviewed August 18, 2022, Social Security’s benefit verification letter page (no publication date stated), VA cash-out refinance guidance last updated January 7, 2026, and the VA Lenders Handbook, Chapter 6, Topic 3(a), revised October 30, 2024.
Employment income is not the only income a lender can consider. Verified retirement benefits may support qualification, subject to the complete underwriting review.
A lender cannot ignore Social Security income because of its source. Whether the amount supports the requested loan depends on your individual finances and the likelihood that the income will continue.
No. It documents benefit information. Credit, income, appraisal and other applicable requirements still need review.
No. A cash-out refinance replaces your current loan under different terms and involves closing costs. Review the proposed payment, total borrowing and costs before deciding.
Call Texana Bank Mortgage at (888) 272-8264.
Reviews
What borrowers say about Texana Bank
Real reviews from real borrowers, pulled live from our Google Business Profile.
Texana Bank helped me with the purchase of my third home, and honestly, the experience was the smoothest of all three home purchases. I only worked with Lynette, but she was friendly, helpful, and courteous at all times. She was extremely patient with me, and she took time to answer all my questions. Even more impressive is that the bank worked with me through a challenging employment situation. Never once was I made to feel bad about asking questions, and Lynette's responses were lightning fast. This was one of the best experiences I have ever had with any company, bar none. I highly recommend Texana Bank to anyone.
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Mikayla Irwin
★★★★★
Lynette Heck is the best to work with. No matter what we needed, she was on top of it and thinking of things way before we needed it! We really appreciate everything she did for us!
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Mark Sherrard
★★★★★
Overdue but thanks again Adam, I appreciate you going above and beyond to make sure my family got our dream home. 10 stars.
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Carson Romero
★★★★★
My experience with Lynette was the best and easiest experience it could’ve possibly been when being a first time home buyer. She’s very kind, communicative, reliable, and so much more! It made the whole process that much less stressful and overwhelming. So blessed to have had her on my side!
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Zane Atkins
★★★★★
Parker McMahan has helped us with 3 mortgages and a refi in part few years. Always great service-always honest advice. Texana will be my “go to” for mortgage advice and activity from here on. They are also great in the area of VA home loans.
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Gary McDay
★★★★★
I had an excellent experience working with my texana bank mortgage from start to finish. They were extremely professional, knowledgeable, responsive, and made the entire mortgage process feel much easier than I expected.
They took the time to explain everything clearly, answered all of my questions, and kept me informed throughout the entire process. I always felt like I had someone in my corner who genuinely cared about helping me reach my goals.
If you’re looking for a mortgage broker who is trustworthy, dependable, and willing to go the extra mile for their clients, I highly recommend them. I truly appreciate all of their hard work and would definitely work with them again!
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Kent Sisco
★★★★★
Adam McCormick is fantastic! Easy to work with and keep me informed every step of the way! Looking forward to working with him again in the future
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Andrea Ferrell
★★★★★
Adam was phenomenal from start to finish! He was friendly and professional. He assisted me every step of the way, walking me through the process with ease. He was always there for whatever questions I had. He was very, very patient and always reached out to me in a timely manner if I contacted him and he was unavailable at the time. Moreover, he made me feel as if he cared for more than just my loan, but me as a person!!! Texana is blessed to have him as an associate!!
Andrea
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Clay Ragsdale
★★★★★
Where to really start. Adam walked me through everything and put me at ease. I have had some bad experiences with other companies so I was digging and looking for any red flag. There was none with him and his direct talk is what did it for me. Someone that is real and just says what it is. No false hope or misdirection at anytime.
I would recommend him to anyone and definitely Someone looking for honesty and caring. The communication is top notch and a true professional.
Respectfully,
Clay
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Belvia Lynn
★★★★★
My overall experience while working with Adam McCormick was excellent. He was very pleasant and professional.
J
Joseph Hardman
★★★★★
Adam McCormick is an absolute professional in every sense of the word. I will NEVER use any other loan officer for my financials other than Adam as long as he is in the business. His work as my loan officer was exceptional. Throughout the process, he always responded to an e-mail, responded to a text, called right back if not answering immediately. He always made you feel as though you were his only client. There was never the impression he had more important things to do other than speak with you. He worked with us through a death in the family, personal issues, and numerous other challenges. It's possible other loan officers would have given up on us during this process, but Adam stuck with us through it all. His work ethic is amazing. He is an expert in his craft. I could not possibly give a higher recommendation, he has redefined what right looks like in this business.
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Marsha Kessler-Bradshaw
★★★★★
I was about to go with another company for this refinance no cash out until I received a call from this Adam McCormick. He was so knowledgeable and made me feel very comfortable with this process. Adam is knowledgeable ,courteous, understanding and has a real passion and patience for people. 👍We are at the closing. Thank you Adam McCormick!!
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Peter Jenkins
★★★★★
My situation had its difficulties. Justin was confident and persistent through the process and we the got the result
D
Dale Samuel
★★★★★
Mark has been very professional and has been very respectful to my wife and myself.
Mark has shown that genuine human qualities and really worked with us and for us.
This actually been a pleasure to get to know Mark.
J
James Fields
★★★★★
Outstanding Service and support from a truly Customer Oriented Agent! My pleasure to have worked with Mr. MCcormick.! Would follow him to next source if necessary. He is concerned in an outstanding balanced way. My pleasure to?know and do Business with him and The Bank!
JFields
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Rose Stone-Stewart
★★★★★
Texana Bank was there for us throughout the entire process. Their personableness, as well, their professionalism. As a financial institution it was nice to know that while obtaining a loan, we had a safe place to relay. They are absolutely “by the book” and at the same time makes the process easier to participate. The hospitality and genuine concern as clients was overwhelming of which we will always consider Texana Bank first, before mostly any other financial institution.
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Mitchell Morris
★★★★★
Greg was awesome and the process was simple. I have nothing but the highest praise for the process and for Greg himself. Thank you.
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Ronald Bylsma
★★★★★
Best refi experience of our lives, Andre was very knowledgeable and always kept us calm when things got stressful. Would recommend Mr. Andre Floyd to anyone looking for a great lending officer!
