The Quick Read: It depends on which of two asset-based paths the retiree uses: on the asset qualifier path, usable assets must cover the entire loan balance, while on the asset depletion path, usable assets must be at least the lesser of $1,000,000 or 1.25 times the loan, and never below $250,000 liquid when assets are the only income source. Both figures are subject to underwriting and apply through select programs. No single dollar amount fits every buyer, because the loan size, the type of account, and the path chosen all move the number.
- Asset qualifier path: eligible assets, after the credit percentages, must equal or exceed the whole loan. No employment or income is documented.
- Asset depletion path: usable assets divided by 60 months become monthly qualifying income, which then runs through a debt-to-income test.
- Assets stay in place. The borrower does not sell the portfolio. The lender counts it on paper.
- Credit and statements still matter. Every file is fully underwritten, and the assets are documented with account statements.
What Does “Without Income” Really Mean?
“Without income” almost always means without a paycheck. Social Security, a pension, and retirement distributions are still income, and they can help a file.
Lendmire is a mortgage broker, and it arranges asset-based mortgage programs through select lenders in its network. These programs fit people whose balances are large and whose documented income is small. Retirees are the clearest example. Business sellers, inheritance recipients, and early-retired professionals fit too.
Two points frame everything below. First, a borrower is qualified on one path at a time, and the two paths never blend. Second, the figures here are ceilings and floors, not offers. Lendmire’s consumer mortgage lending is licensed in 16 states, Florida among them, and the program figures do not change by state.
Path One: Assets Cover the Whole Loan
The asset qualifier path asks one question: do your eligible assets equal or exceed the entire loan amount? If they do, the file is reviewed on assets alone. The borrower provides no traditional personal-income documentation, pay stubs, or employment verification.
Here is what that path looks like on most files:
- Leverage: up to 80% on a purchase and 75% on a refinance, on a principal residence or second home.
- Loan size: up to $4,000,000.
- Credit: a 600 minimum score, subject to underwriting.
- Seasoning: 60 days, with two months of statements for each qualifying account.
- Reserves: none required at or below 75% loan-to-value. Above that, the lender sets them.
Not every dollar counts at face value. Brokerage accounts, certificates of deposit, money market, and savings count at 100%. A 401(k) or IRA counts at 90% if the borrower is under 59½ and at 100% once the borrower reaches 59½. Accounts combine.
Run the numbers on this illustration. An $800,000 loan is backed by $330,000 in brokerage accounts (counted at 100%, so $330,000), $300,000 in a 401(k) for a borrower under 59½ (counted at 90%, so $270,000), and $200,000 in savings (counted at 100%, so $200,000). Together that counts as $800,000 of usable assets, which matches the loan, so the file is reviewed on assets alone. The lender’s own calculation governs.
This is the simplest answer to the title question. At 80% leverage on a purchase, the loan equals 80% of the price. Your usable assets must cover that whole loan, and the down payment and closing costs come on top of it. Whether the same dollars can serve both purposes is something the lender reviews file by file.
Path Two: Assets Become Qualifying Income
The asset depletion path turns a portfolio into a monthly income figure. The lender takes usable assets, divides by 60 months, and treats the result as income. That income must carry the housing payment and other debts through the program’s debt-to-income test.
The haircuts are steeper here than on the qualifier path:
| Asset type | Counts at (depletion path) |
|---|---|
| Cash accounts, CDs | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts | 70% at any age |
| Real-estate equity | 60% |
The leverage is also different. On a principal residence or second home, the ceiling is 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Cash-out proceeds never count as qualifying assets. Loans run from $125,000 to $3,500,000.
Here is the arithmetic for one illustration. $1,500,000 in securities counts at 80%, which is $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 has to carry the housing payment and other debts, and the lender’s calculation governs.
The depletion path has a real entry bar. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When assets are the only income source, liquid assets can never fall below $250,000. Credit follows the lender’s matrix, a first-time investor needs a 700 score, and housing history is 0x30x12. A housing event needs four years of seasoning.
One more feature matters for retirees who do draw Social Security or a pension. Asset-derived income can supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
Which Path Fits a Florida Retiree?
The qualifier path fits a retiree whose liquid balances roughly match the loan they want. The depletion path fits a retiree whose portfolio is larger than the loan but is partly in securities and retirement accounts.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Reviewed on | Assets cover the loan | Assets become income |
| Purchase leverage | Up to 80% | Up to 80% (primary/second) |
| Loan range | Up to $4,000,000 | $125,000 to $3,500,000 |
| Retirement accounts | 90% under 59½, 100% after | 70% at any age |
| Seasoning | 60 days | Statements 120 days old |
Neither table is an offer. Each is a ceiling or floor that underwriting tests against the actual file.
What Counts, and What Does Not
Liquid, regulated accounts count. Home equity is the common surprise. On the qualifier path, it is not listed among eligible assets. On the depletion path, real-estate equity counts at 60%. A retiree with a paid-off house and modest savings may therefore qualify for less than their net worth suggests.
These are not eligible on the depletion path:
- Custodial accounts
- Deferred compensation
- Escrow accounts
- Foreign funds
- Cash on hand
- Stock options
- Non-vested restricted stock units
- Funds from non-regulated financial companies
Cryptocurrency, precious metals, collectibles, and borrowed or pledged funds are not published as eligible on either path. The documented route is to convert them to a seasoned cash balance in a regulated account, and the lender reviews the source of those funds. Business accounts count only for the borrower’s ownership share.
Total Assets Versus Usable Assets
Gross balances overstate what the formula sees. Think of a waterfall. Start with the statement totals. Apply the credit percentages for the path. Set aside the down payment and closing costs. What remains is the pool the test uses.
Seasoning shapes the pool as well. On the qualifier path, a recent transfer between accounts may not count until it has aged 60 days. On the depletion path, statements must be at least 120 days old at application, plus the most recent statement within 45 days. Funds from the sale of a business, an inheritance, or a legal settlement are excused from that seasoning. The lender still reviews where they came from.
The practical lesson is to move money before applying, not during underwriting.
The Florida Cost Layer
Florida buyers should budget for the carrying costs that surround the mortgage. Homeowners and wind insurance, flood coverage, association dues, and condo assessments all change the monthly picture. On the depletion path, they directly affect whether derived income carries the payment. The lender’s file review sets the final answer.
Condos deserve a separate look. Project eligibility, special assessments, and insurance at the association level can change what a lender will accept. A retiree eyeing a condo should raise that early with the broker rather than after contract.
Couples and Joint Accounts
Three situations come up often with couples:
- Both spouses own the accounts jointly. Accounts combine, so the usable pool is the sum of the credited balances.
- One spouse holds most of the assets. The lender looks at what the borrowers on the loan actually own, and it reviews documentation of ownership.
- One spouse draws a pension or Social Security. On the depletion path, that documented income can sit beside derived income, and the 45% supplement rule may apply.
A named borrower’s credit still counts. Lenders pull scores, and the lower score of a couple can steer the file toward the lender’s matrix.
When the Retiree Wants a Rental
The investor question changes the answer. Asset-based programs are mainly built for a home the borrower will live in. Investment property is eligible only on the asset depletion path, at the lower 65% purchase and 60% cash-out leverage, and the loan there is business-purpose. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Business-purpose financing is reviewed differently from an owner-occupied mortgage. Lendmire also arranges rental-property loans that qualify primarily on property-level rental income covering the payment, subject to lender guidelines. For a retiree who simply wants another rental, that route often asks for less from the personal balance sheet than building an income-equivalent portfolio would. The retiree still needs credit, the down payment, closing costs, and verified funds. Occupancy matters, because the CFPB’s Regulation Z commentary deems credit for non-owner-occupied rental property to be business purpose, while an owner who expects to occupy it for more than 14 days in the coming year falls outside that rule.
That matters for snowbirds. A Florida condo the retiree plans to use for weeks each winter is not a clean rental case. It may fit better as a second home on one of the two asset paths. Regulation Z looks at the purpose of the loan, not the label on the property, as Compliance Alliance explains.
The asset-based mortgage is a consumer loan on a primary residence or second home. On those files, the lender must make a reasonable judgment that the borrower can repay. The CFPB’s ability-to-repay compliance guide sets no specific debt-to-income or residual-income threshold for that general standard. That is why asset programs set their own rules, and why the numbers above differ from any single lender’s page. Consumer disclosure rules apply to these loans.
Borrow or Pay Cash?
This is a genuine toss-up for many retirees, and the answer turns on the situation.
Paying cash can make sense when the purchase is a small share of the portfolio and the retiree values a debt-free home. Borrowing can make sense when the portfolio is large, much of it sits in appreciated holdings, and selling would force a sale at a bad time. It can also fit when keeping liquidity matters more than eliminating the payment. Tax treatment can depend on how the funds are used and how the property is held; borrowers should keep clear records and speak with a qualified tax professional before relying on any deduction.
Also weigh portfolio risk. A large drawdown after closing does not change the loan. It does change the cushion behind the payment. Retirees living on the portfolio should stress-test the monthly obligation against a weaker market before signing.
Documentation Checklist
Fewer papers does not mean no papers. Expect to assemble:
- Statements for every qualifying account (two months on the qualifier path, aged statements on the depletion path)
- Sourcing for any large or recent deposit
- Credit authorization and ID
- The purchase contract
- Documentation of any Social Security or pension income, if it supplements a depletion file
Every file is underwritten individually, and programs change. A broker who sees many lenders’ guidelines can match the assets to the program that treats them best. Reach Lendmire at 828-256-2183 or request a quote through the mortgage quote page.
Related Retiree Scenarios
The same two paths apply in other states, with the same program figures.
Key Terms Defined
Usable assets: the share of each account balance the program counts after its credit percentage or haircut.
Asset qualifier path: the route where usable assets must equal or exceed the whole loan amount.
Asset depletion path: the route where usable assets divided by 60 months become monthly qualifying income.
Haircut: the discount a program applies to a volatile or penalty-exposed asset.
Seasoning: the length of time funds must have sat in an account before they count.
Debt-to-income test: the comparison of monthly debts, including the new housing payment, against qualifying income.
Frequently Asked Questions
Can I get a mortgage if I’m retired with no paycheck?
Yes, through select programs that qualify the loan on assets. Social Security and pension income can still be part of the file. Credit, seasoning, and statements are all reviewed, so approval is never assured.
Do my retirement accounts count?
Yes, at a discount. On the qualifier path, a 401(k) or IRA counts at 90% if you are under 59½ and 100% after that. On the depletion path, retirement accounts count at 70% at any age.
Does home equity count as an asset?
Rarely in the way people expect. It is not an eligible asset on the qualifier path. Most retirees with a paid-off house still need real liquid balances.
Do I have to sell my investments?
No. The lender counts the assets for qualifying and the borrower keeps them. The cash for the down payment and closing costs still has to come from somewhere. Those funds come out of the same pool, so plan the draw carefully.
Is this different for a second home?
The leverage ceilings are the same as for a principal residence on both paths: up to 80% on a purchase. The difference is usage. If you will occupy a Florida home for more than 14 days a year, it generally should not be financed as a rental.
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.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of tax returns, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB Regulation Z § 1026.3 (business-purpose exemption and commentary)
2. Compliance Alliance: Regulation Z and investment properties
3. CFPB ATR/QM small entity compliance guide
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can You Refinance a Georgia Home on Assets When Your Income Stops? · How Much Does a Michigan Retiree Need in Assets to Buy a Home Without Income? · Can You Relocate to Georgia and Buy a Home on Assets Before You Have Local Income?
Guides: Asset-Based Mortgage in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.