The Quick Read: Usually yes, when the program allows more than one borrower and the home is a primary residence or second home. Both people sign the note, and on the asset qualifier path their combined eligible assets must cover the entire loan, subject to underwriting. Marital status is not a barrier, but program rules on pooled accounts and title decisions are where these files succeed or stall.
- The asset qualifier path covers the whole loan with eligible assets and documents no employment or income.
- The asset depletion path turns usable assets into monthly income, using a 60-month divisor, and runs it through a debt-to-income test.
- Both borrowers are fully liable for the whole debt, whatever the private split.
- Title form, a co-ownership agreement, and an estate plan matter as much as the loan.
- A pure rental purchase normally belongs on a DSCR loan instead.
Who This Fits
Two retirees buying together is more common than most lenders’ marketing suggests. Think of two widowed friends, siblings sharing a home, or an unmarried couple who each retired on portfolios rather than paychecks. Their balances are large. Their documented income is small.
That profile is what asset-based mortgages were built for. Across the wholesale network Lendmire works with, select programs let a borrower qualify on what they own instead of what they earn. Programs change and every file is underwritten individually, so treat everything below as typical ranges, not offers.
Lendmire is a broker. It arranges these consumer mortgages through select lenders and does not lend itself. Consumer lending is available in Tennessee, among 16 states. The program figures below do not change by state.
Can Unmarried Co-Borrowers Apply Together?
Yes. Federal rules do not let a lender treat joint applicants differently because of marital status. Regulation B, which carries out the Equal Credit Opportunity Act, says creditors evaluate married and unmarried applicants by the same standards (CFPB Regulation B, section 1002.6). The regulation defines “unmarried” to include single, divorced, and widowed people (eCFR, 12 CFR Part 1002).
Age works the same way. Being retired is not a reason for denial. Age does enter the asset math in one place, covered below: retirement balances are credited differently under and over 59½ on the qualifier path.
What a lender may do is underwrite the combined file on its own program rules. That is where the real questions live.
Which Path Fits: Assets as the Loan, or Assets as Income?
The two paths are different products. A borrower is qualified on one at a time, so name the path before comparing any figure.
Asset qualifier path. Eligible assets, after the credit percentages, must equal or exceed the entire loan amount. No employment or income is documented. Leverage runs up to 80% on a purchase and 75% on a refinance, on a principal residence or second home, with loans up to $4,000,000 and a 600 minimum credit score, subject to underwriting.
Asset depletion path. Usable assets, after haircuts, are divided by 60 months to produce monthly qualifying income. That income must carry the housing payment and other debts through the debt-to-income test. Leverage on a principal residence or second home runs up to 80% on a purchase or rate-and-term refinance and 60% on a cash-out. Loan amounts run from $125,000 to $3,500,000, and credit follows the lender’s matrix.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| What it tests | Assets cover the loan | Assets become income |
| Income documented | None | Derived from assets |
| Purchase leverage (primary or second home) | Up to 80% | Up to 80% |
| Loan range | Up to $4,000,000 | $125,000 to $3,500,000 |
| Seasoning | 60 days | Statements 120 days old |
For two retirees with a large combined portfolio and a modest loan, the qualifier path is usually cleaner. For two retirees whose assets are big but sit below the loan amount, depletion may stretch further because it measures income against the payment, not the full balance against the loan.
How Do Two People’s Assets Count?
Each account is credited at a share of its balance. The shares differ by path, so do not blend them.
On the qualifier path, brokerage, CDs, money market, and savings count at 100%. A 401(k) or IRA counts at 90% under 59½ and 100% at 59½ or older. Accounts combine.
On the depletion path, cash and CDs count at 100%, securities at 80%, private stock at 75%, retirement accounts at 70% at any age, and real-estate equity at 60%. Custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, and non-vested restricted stock units are not eligible.
Cryptocurrency, precious metals, collectibles, and borrowed or pledged funds are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Here is the part most co-buyer files turn on. Whether one borrower’s solely held account can count toward the pair is a program question, and guidelines differ across lenders. Across our wholesale network, the safest assumption is that accounts need to belong to someone on the loan, and that the lender will want to see each account’s owner clearly documented. Ask early, before either person moves money.
A Worked Example for Two Retirees
Run the numbers on two friends buying a primary residence together. The figures below are illustrative, the lender’s own calculation governs, and everything is subject to underwriting.
Their loan amount is $800,000. Between them they hold:
- $330,000 in brokerage accounts, credited at 100%: $330,000.
- $300,000 in a 401(k), held by a borrower under 59½, credited at 90%: $270,000.
- $200,000 in savings, credited at 100%: $200,000.
Usable assets total $800,000. That equals the loan, so the file is reviewed on assets alone on the qualifier path, with no income documented.
Now the catch. Down payment and closing costs often come out of those same accounts. Spend $200,000 of the savings at closing and the usable total drops below the loan. Two people pooling do not get to count the same dollar twice. Plan the funds-to-close source first, then recount what remains.
Now the depletion version. Suppose the pair holds $1,500,000 in securities, credited at 80%: $1,200,000. Add $300,000 in cash at 100%. Usable assets total $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the debt-to-income test.
Unequal contributions work the same way. If one retiree holds most of the qualifying assets, the lender still sees one combined file, but both are liable. Title can be split differently than assets, which is why the agreement discussed below matters.
What Documentation Do Asset Files Need?
“No income documentation” never means “no documentation.” The assets are documented on both paths.
On the qualifier path, expect 60 days of seasoning and two months of statements for each qualifying account. On the depletion path, statements must be at least 120 days old at application, plus the most recent statement within 45 days. Sale-of-business, inheritance, and legal-settlement funds are excused from that seasoning.
Large recent deposits get questions. Move money into the right account well before applying, and keep a paper trail for anything unusual.
The depletion path also has minimums. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance, and never below $250,000 liquid when depletion is the only income source. Retirees with a pension or Social Security can sometimes use asset income to supplement documented income, up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it does.
Credit, Liability, and Who Carries Whom
Both borrowers are fully responsible for the entire payment, regardless of what they agree privately (Yahoo Finance). Lenders also often key off the lower of two credit scores (Deeds.com). Adding a co-borrower does not automatically strengthen a file.
Program credit rules apply to each person. The qualifier path has a 600 minimum score. The depletion path follows the lender’s matrix, and a first-time investor there needs 700. Housing history of 0x30x12 is the baseline, with one 30-day late in the last twelve months considered case by case. Multiple bankruptcies are not eligible.
Title Is a Separate Decision
The loan and the deed are not the same document. Unmarried co-owners generally choose among sole ownership, joint tenancy, and tenancy in common (Nolo).
| Title form | Shares | At death |
|---|---|---|
| Joint tenancy | Equal | Survivor takes the whole property |
| Tenancy in common | Can be unequal | Share passes through the estate |
For retirees, this is an estate decision. A friend’s children could inherit a share under tenancy in common. A survivor could end up owning outright under joint tenancy, to the exclusion of the other’s family. Survivorship defaults vary by state, so a Tennessee attorney should confirm the wording before closing. A written co-ownership agreement covering contributions, expenses, buyout terms, and death or incapacity is commonly recommended (LawInfo).
Exit planning is part of the loan story too. If one owner dies or wants out, a refinance may be needed to remove a name, and the remaining owner may not qualify alone on an asset profile.
When the Asset Qualifier Is the Wrong Tool
This is a consumer loan for a home the borrowers will live in or use personally. If two retirees want a rental, the better fit is usually a DSCR loan, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. On the depletion path, an investment property is allowed at lower leverage: up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out.
Buying a duplex and living in one unit sits in between. Ask which occupancy category the program applies. Lendmire’s complete DSCR loans guide explains when rental income should drive the file.
The flip point is simple. If the property will carry itself on rent, DSCR often pencils better. If the property is a retirement home and the borrowers’ strength is their balance sheet, an asset path fits.
Key Terms Defined
Asset qualifier: A loan where eligible assets, after credit percentages, cover the whole loan amount.
Asset depletion: A method that divides usable assets by 60 months to create qualifying income.
Haircut: The share of an account’s balance that a lender does not count.
Seasoning: The length of time funds must sit in an account before they count.
Tenancy in common: Shared ownership where shares can differ and each passes through the owner’s estate.
Co-borrower: A person who signs the note and is fully liable for the debt.
Frequently Asked Questions
Do both retirees have to be on the loan?
Usually any account used to qualify needs to belong to a borrower. Someone on title but not on the note may be possible under some programs, but that is program-specific and worth confirming before you apply.
Can we count each other’s retirement accounts?
Yes, if both are borrowers and the accounts are eligible. On the qualifier path, a 401(k) or IRA counts at 90% under 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age.
Does one retiree’s low credit score sink the file?
It can, because lenders often work from the lower score, and the qualifier path has a 600 minimum. If one score is weak, the stronger borrower alone may sometimes be the better application, though assets in the weaker borrower’s name would then not count.
Do we have to sell investments or cash out an IRA?
No. The assets stay where they are. Lenders count the balance and verify it with statements, but nothing is liquidated to qualify. Funds used for the down payment and closing costs do leave the pool.
What if one of us dies after closing?
The loan stays in place, and the survivor remains liable for payments. Title form decides who owns what. A refinance may be needed if the survivor cannot carry the payment alone, so plan this with an attorney.
If you are qualifying on assets rather than income and want to see how the numbers work, Lendmire can help you compare asset-based mortgage options based on your statements, the property, credit profile, leverage, and your goals. Reach the team at 828-256-2183 or request a quote.
Tax treatment varies, so consult a qualified professional.
Two retirees sharing a roof is a financing question, a title question, and an estate question, and the file that answers all three before the offer goes in is the one that holds up.
Lendmire’s asset-based mortgage in Tennessee page presents the program for Tennessee borrowers.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging bank statement and other alternative-documentation mortgages — P&L-only, 1099-only and asset-based paths — through a wholesale lending network. Eligibility is determined by the lender on each file. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. CFPB Regulation B, section 1002.6
3. Yahoo Finance, unmarried couples buying a home
4. Deeds.com, buying a home with an unmarried partner
5. Nolo, Co-owning or taking title
6. LawInfo, unmarried couples and property
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How an Asset Depletion Mortgage Works · Can You Get an Asset Depletion Mortgage After a Foreclosure or Short Sale? · Asset Depletion Mortgage vs HELOC on a Paid-Off Home
Guides: Asset-Based Mortgage in Tennessee
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.