The Quick Read: Yes, a Florida retiree can get a mortgage on savings and investments alone, because select programs in Lendmire’s wholesale network either count eligible assets against the whole loan or convert them into monthly qualifying income, and the right path depends on the property, the loan size, and your credit, all subject to underwriting. The assets are documented on both paths. Only the paycheck is left out.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no employment or income is documented.
- Asset depletion path: usable assets are divided by 60 months to create qualifying income, which then runs through the debt-to-income test.
- A rental is different: an investment property can qualify through a DSCR loan, which looks at the property’s rent rather than your savings.
- One path at a time: a borrower is qualified on one path, never a blend of the two.
Which Path Fits a Retiree With Money but No Paycheck?
Pick the asset qualifier path if your liquid balances are large enough to cover the whole loan. Pick asset depletion if your balances are large but you want the lender to treat them as income. Pick a DSCR loan if the Florida property will be a rental.
Here is the plain version of each term.
An asset qualifier loan treats your eligible balances as a pool that must equal or exceed the loan amount. The lender does not ask about employment or income. The loan is for a principal residence or second home, and it runs up to $4,000,000 through select programs.
An asset depletion loan takes your usable assets, divides them by 60 months, and calls the result monthly income. That income must carry the full housing payment and your other debts. Loans run from $125,000 to $3,500,000, and the path also reaches investment property, though at lower leverage.
Many retirees have a large portfolio and little taxable income. A pension, Social Security, and a few dividends may not look like much on a conventional income test. Across the wholesale network, these two programs exist for that exact profile. The same programs also fit people who just sold a business, received an inheritance or settlement, or retired early and live off a portfolio.
Age is not the barrier. Documentation is. Lenders want to see where the money sits, how long it has sat there, and that you can reach it.
How the Asset Qualifier Path Works
On the asset qualifier path, you qualify when your eligible assets, after the credit percentages below, equal or exceed the entire loan. Leverage runs up to 80% on a purchase and 75% on a refinance, for a principal residence or second home. Everything is subject to underwriting.
Not every dollar counts at face value. This is how balances are credited on this path.
| Asset (qualifier path) | Share that counts |
|---|---|
| Brokerage accounts | 100% |
| Certificates of deposit | 100% |
| Money market | 100% |
| Savings | 100% |
| 401(k) and IRA, under age 59½ | 90% |
| 401(k) and IRA, age 59½ or older | 100% |
Accounts combine. Take an $800,000 loan. Say you hold $330,000 in brokerage accounts, which counts at 100% for $330,000. You also hold $300,000 in a 401(k) while under 59½, which counts at 90% for $270,000. And you hold $200,000 in savings, which counts at 100% for $200,000. That is $800,000 of usable assets, which meets the loan amount, so the file is reviewed on assets alone. This is illustrative, and the lender’s own calculation governs.
A retiree older than 59½ would see the retirement account count in full.
The paperwork is straightforward. Funds need 60 days of seasoning, which means the money has been in the account that long. The lender wants two months of statements for each qualifying account. The credit score floor on this path is 600, and one 30-day late payment on housing in the last twelve months is considered case by case. Reserves are not required at or below 75% loan-to-value. Above that, the lender sets them.
There is no income test here. The lender still reviews your ability to repay, and that review rests on the assets.
How Asset Depletion Works
Asset depletion turns a portfolio into a monthly income figure. The lender takes your usable assets, divides by 60 months, and runs that income and your debts through the debt-to-income test. Leverage differs by occupancy and purpose, and this path can finance investment property too. Programs vary, and all of this is subject to underwriting.
The credit on this path is different from the qualifier path, so do not mix the two tables.
| Asset (depletion path) | Share that counts |
|---|---|
| Cash accounts | 100% |
| Certificates of deposit | 100% |
| Securities | 80% |
| Private stock | 75% |
| Retirement accounts (any age) | 70% |
| Real-estate equity | 60% |
Here is how it plays out. Say you hold $1,500,000 in securities, which counts at 80% for $1,200,000. You also hold $300,000 in cash, which counts at 100% for $300,000. That is $1,500,000 usable, divided by 60 months, for $25,000 of monthly qualifying income. That income must then carry the housing payment and your other debts. Again, this is illustrative, and the lender’s calculation governs.
Leverage on the depletion path:
- Principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Investment property: up to 65% on a purchase or rate-and-term refinance, and 60% on a cash-out refinance.
- Cash-out proceeds: these never count as qualifying assets.
There are also minimums. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is your only income source, you also need at least $250,000 liquid. 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.
Credit follows the lender’s matrix. A first-time investor on this path needs a 700 score. Multiple bankruptcies are not eligible, and a housing event needs four years of seasoning.
If you also draw Social Security or a pension, the picture improves. Asset-derived income can supplement documented income up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
What About Crypto, Gold, and Business Accounts?
Cryptocurrency, precious metals, collectibles, and business accounts beyond your ownership share are not published as eligible on either path. Pledged or borrowed funds are not published as eligible either. The documented route is to convert them to a seasoned cash balance in a regulated account. The lender then reviews the source of that cash.
The depletion path also excludes custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, non-vested restricted stock units, and funds from non-regulated financial companies. If a large share of your wealth sits in those buckets, plan the conversion before you apply.
Why Can a Lender Look at Assets Instead of Income?
For a home you will live in, a lender must make a reasonable, good-faith judgment that you can repay. The CFPB’s compliance guide says that judgment can rest on income or assets. A lender verifies what it relies on. So an asset-based loan is not an undocumented loan.
That is why these programs ask for statements instead of pay stubs. The loan is also a consumer mortgage, so standard consumer disclosures apply to it. Large retail lenders often skip the whole category. Select programs in the wholesale network exist for it.
What If the Florida Property Is a Rental?
If you plan to rent the property out, the program is usually a DSCR loan. DSCR stands for debt service coverage ratio. It compares the property’s monthly rent to its monthly housing obligation. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. It asks for no personal income documentation, because qualification runs on the property’s income.
DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage. The Federal Register rulemaking treats investment-purpose loans as business purpose, and DSCR loans do not carry the consumer disclosure package. Purpose still matters. Law-firm commentary notes that a cash-out on a rental used for personal expenses can be treated as a consumer-purpose loan. Another analysis explains that entity borrowers and the business-purpose test turn on documentation.
Many retirees misread one point. Your savings do not become qualifying income on a DSCR loan. They pay for the down payment, closing costs, and reserves. The lender verifies them with statements, and a credit pull is normal.
If the rent does not fully cover the payment, options exist. Select lenders in the network offer programs below 1.00 coverage, though leverage and terms adjust. The complete DSCR loans guide walks through the property side. For a retiree who runs a rental on a short-term basis, Lendmire’s piece How Much Savings Matter on a Retiree’s Part-Time Airbnb DSCR Loan is the closer read.
Florida Costs That Move the Numbers
Florida’s carrying costs can decide which path works. Property insurance, condo or HOA dues, and flood or wind coverage all feed the monthly housing obligation. On the depletion path, they eat into the debt-to-income test. On a DSCR loan, they lower the coverage ratio.
Insurance can change the math more than any other line on the file. Get a fresh insurance quote before you commit to a price. Ask early whether the condo association’s own insurance and dues look healthy, because a high-dues building may push you to a different path.
Primary home versus second home matters too. Snowbirds buying a second home keep their principal residence elsewhere, and both paths allow second homes. Someone relocating from out of state may sell the old home first. Proceeds from that sale are documented funds, and the lender reviews their source.
Keep the percentages in front of you here. A larger down payment shrinks the loan, and on the qualifier path a smaller loan is easier to cover with assets.
Sell Investments or Qualify on Them?
Some retirees simply sell and pay cash. That is a legitimate choice, and it is the simplest one. Qualifying on assets lets the portfolio stay invested while the loan finances the purchase. The tradeoff is real, because you take on a loan.
| Path | Documents | Keeps portfolio invested | Main tradeoff |
|---|---|---|---|
| Asset qualifier | Asset statements | Yes | Assets must cover the whole loan |
| Asset depletion | Asset statements | Yes | Haircuts shrink usable assets |
| DSCR (rental) | Rent and property | Yes | For investment property only |
| Conventional with income | Income documents | Yes | Needs documented income |
| Cash purchase | Proof of funds | No | Liquidates holdings |
Selling holdings can create a tax bill, and borrowing can avoid one. 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.
The stronger play depends on your portfolio. A retiree with sizable gains in a brokerage account may prefer to keep it invested. A retiree with mostly cash and CDs may find that paying cash is easier. For larger loans, Lendmire’s piece Can a Retiree Qualify for a Jumbo Mortgage Using Assets Alone? goes deeper.
When This Is Not a Fit
Asset-based loans are not for every retiree. Watch for these.
- A volatile portfolio. Securities count at 80% on the depletion path, and a market drop changes your balances. Lenders review the statements in the file, not the market after closing.
- Double counting. The money you use for the down payment is generally not also available to count as qualifying assets. Plan the numbers with the down payment already removed.
- Thin liquid balances. A large home-equity position or business interest does not help much. Real-estate equity counts at 60% on the depletion path, and the qualifier path does not list it at all.
- Joint and spousal ownership. Assets must be documented in the borrower’s name. One spouse holding most of the portfolio can change who should be the borrower.
- Weaker credit. A recent housing event or a low score can close both paths, subject to the lender’s matrix.
If the file looks borderline, a different loan might fit better. Lenders in the network look at each file individually.
Documents to Gather
Start with the paperwork, because it is what slows most files down.
- Two months of statements for each qualifying account on the qualifier path.
- Statements at least 120 days old, plus one within 45 days, on the depletion path.
- Proof that retirement accounts are accessible, and your age relative to 59½.
- A source explanation for any large or recent deposit.
- A written plan for converting any crypto, metals, or business holdings to cash.
- Your property details, including condo or HOA information if applicable.
Key Terms Defined
Seasoning is the length of time funds have sat in an account before a lender counts them.
Qualifying income is the income a lender uses to approve you, which can differ from the income you actually receive.
Reserves are liquid funds left over after closing that the lender may require you to keep.
Debt-to-income ratio is your monthly debts divided by your qualifying income.
DSCR is a property’s monthly rent measured against its monthly housing payment.
Frequently Asked Questions
Can I use my IRA or 401(k)?
Yes, on both paths, with different credit. On the qualifier path, retirement balances count at 90% under age 59½ and 100% at 59½ or older. On the depletion path, they count at 70% at any age. All of it is subject to underwriting.
Can I qualify on Social Security alone?
Not through these two programs as a stand-alone approach. Social Security can be documented income, and asset-derived income can supplement it up to a 45% debt-to-income ratio. When assets supplement documented income, the minimum-assets rule is waived.
Do I have to sell my investments first?
No. Eligible balances stay where they are on both paths, and the lender documents them in place. The balance must be liquid enough to meet the program’s rules, and statements must show the required seasoning.
Why would a bank turn me down when I have this much money?
Large retail lenders often underwrite to income, so a big portfolio with a small paycheck does not fit their test. Asset-based programs through select lenders are built for that profile. Credit history and housing events still matter.
Can I buy a rental the same way?
Not on the qualifier path, which is for a principal residence or second home. The depletion path also finances investment property at lower leverage. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines.
What to Do Next
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. Lendmire is a broker, and its consumer mortgage lending is licensed in 16 states, including Florida. Programs change, and every file is underwritten individually. This is not a commitment to lend.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida 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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References
1. CFPB ATR/QM Compliance Guide
2. Federal Register: ATR/QM Final Rule
3. Doss Law: Business Purpose Exemption
4. Lexology: Beware of Business Purpose
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 · Asset Qualifier Mortgage vs Bank Statement Mortgage · How to Open a HELOC on Assets Alone as a Retiree
Guides: Asset-Based Mortgage in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.