The Quick Read: Yes, a Georgia retiree can buy or refinance a home with no paycheck, but only through a non-QM asset-based program, where the lender reviews statements for eligible assets and either treats them as covering the whole loan or converts them into qualifying income. The retiree documents the assets, not employment. Approval always rests on credit, the property, and underwriting.
- The asset qualifier path counts eligible assets against the entire loan amount and documents no income.
- The asset depletion path divides usable assets by 60 months to create qualifying income, which then runs through a debt-to-income test.
- A borrower is qualified on one path at a time, never a blend of the two.
- For a pure rental purchase, a DSCR loan is a third route. It qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
Does Retirement Stop You From Getting a Mortgage?
No. A large portfolio and a small documented income is the exact profile these programs exist for. Conventional underwriting struggles with it because it wants taxable income that lines up with a monthly payment. A retiree living on brokerage withdrawals, a rollover IRA, and savings often shows little of that on paper.
Asset-based programs flip the question. They ask whether the verified balances can carry the loan, and they treat the loan as a consumer mortgage on a primary residence or second home. Across the wholesale network Lendmire works with, the same retiree who looks thin on a tax return can look strong on a statement. Programs differ by lender, and every file is underwritten individually. The figures below are program ceilings and floors, not offers, and each is subject to underwriting.
Path One: When Assets Cover the Loan Outright
The asset qualifier path is the simplest to understand. Eligible assets, after the credit percentages below, must equal or exceed the entire loan amount. No employment is documented and no income is documented.
Through select programs, this path typically allows up to 80% loan-to-value on a purchase and 75% on a refinance of a principal residence or second home. Loan amounts run up to $4,000,000. The credit floor is 600. Seasoning is 60 days, with two months of statements for each qualifying account. Reserves are not required at or below 75% loan-to-value, and above that the lender sets them.
Whether cash-out proceeds are allowed on this path is the lender’s call and is not published, so assume nothing there.
This path suits the retiree who sold a business or a long-held home and now holds seasoned cash and securities well above the loan.
Path Two: When Assets Become Income
The asset depletion path converts usable assets into a monthly qualifying income. The lender takes eligible assets after the haircuts below and divides by 60 months. That figure must carry the full housing payment and other debts through the debt-to-income test.
This path is generally the better fit when assets cover most of the loan but not all of it, or when the borrower wants to keep a large share of the portfolio in place. Typical ceilings on this 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.
- Loan amounts from $125,000 to $3,500,000. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Credit follows the lender’s matrix rather than a single published floor. A first-time investor on this path needs a 700 score. Housing history is generally 0x30x12, and a housing event needs 4 years of seasoning. Cash-out proceeds never count as qualifying assets.
The minimums are real. Qualified assets generally must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is the only source of income, liquid assets can never fall below $250,000. If the borrower also has documented income such as a pension, the asset-derived income can supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is then waived.
Statements must be at least 120 days old at application, plus one statement within 45 days. Funds from the sale of a business, an inheritance, or a legal settlement are excused from that seasoning.
| Factor | Asset Qualifier Path | Asset Depletion Path |
|---|---|---|
| How assets are used | Cover the whole loan | Become monthly income |
| Income documented | None | Derived from assets |
| Purchase leverage | Up to 80% | Up to 80% (65% investment) |
| Refinance leverage | Up to 75% | Up to 80% rate-and-term, 60% cash-out |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Statements | Two months per account | 120-day-old plus one within 45 days |
Both columns are subject to underwriting and the lender’s own calculation.
Which Assets Count, and How Much?
On both paths, only a share of each balance counts, and the share depends on how easily the lender can verify and reach it. Cash is simple. A retirement account carries tax and penalty exposure. Securities move with the market. Private stock and real-estate equity are harder to convert.
| Asset | Qualifier Path | Depletion Path |
|---|---|---|
| Savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| Brokerage accounts | 100% | 80% (securities) |
| 401(k) and IRA | 90% under 59½, 100% at 59½ or older | 70% at any age |
| Privately held stock | Not eligible | Not eligible |
| Real-estate equity | Not published | 60% |
Age 59½ matters only on the qualifier path. A retiree who retired at 56 gets 90% credit for a 401(k) there, and full credit after 59½. On the depletion path, retirement balances count at 70% no matter the age.
Privately held stock, meaning shares of a closely held company, is not eligible on either path. A founder’s route is documented liquid assets: seasoned proceeds from a sale or buyout, held as a cash balance.
Several other asset types do not count on the depletion path, as listed below:
- 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, borrowed or pledged funds, and business accounts beyond the borrower’s ownership share 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.
What the Math Looks Like
These examples are illustrative. The lender’s own calculation governs.
Qualifier path. Take an $800,000 loan request. The borrower holds $330,000 in brokerage accounts, which count at 100% for $330,000. A 401(k) of $300,000 under age 59½ counts at 90% for $270,000. Savings of $200,000 count at 100% for $200,000. Usable assets total $800,000, which matches the loan, so the file is reviewed on assets alone, subject to credit, the property, and underwriting.
Depletion path. Take $1,500,000 in securities, which count at 80% for $1,200,000. Add $300,000 in cash at 100% for $300,000. Usable assets are $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.
Two practical points apply to both. Funds needed for cash to close generally cannot also be counted as qualifying assets, so run the exercise after setting aside the down payment and closing costs. And nothing is liquidated. The income is a calculation, not a withdrawal schedule.
Why Lenders Can Count Assets at All
The federal ability-to-repay rule does not require a paycheck. Under 12 CFR § 1026.43, a lender must make a reasonable, good-faith determination that the borrower can repay. One factor it must consider is current or reasonably expected income or assets other than the home itself. Whatever is relied on must be verified with reasonably reliable third-party records, and financial institution records qualify. In practice that means account statements.
The rule does not set the divisor, the haircuts, or the reserve levels. Those are program overlays, which is why the percentages above differ from what lenders publish. Across the network, the strictest overlays want longer seasoning and heavier haircuts on securities, while the more flexible ones accept shorter statement histories. Terms vary, and so does the borrower experience.
Assets Alone, or Assets Plus Pension and Social Security?
Three cases come up for retirees, and they play out differently:
1. Assets only. Either path works. The qualifier path avoids income altogether. The depletion path needs the $250,000 liquid floor when assets are the only income source.
2. Assets plus a pension or Social Security. On the depletion path, asset-derived income can supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived. This often helps the retiree whose portfolio is solid but not enormous.
3. Income only, with few assets. This falls outside asset-based programs. It belongs with conventional or other income-based loans.
An early retiree under 59½ has a particular problem. Social Security has not started, and retirement balances are discounted on both paths. Taxable brokerage and cash then do most of the work.
Buying a Rental Instead? The Property Can Carry the File
Asset-based mortgages on a primary residence or second home are consumer loans. If the retiree is buying a true rental, the better tool is usually a DSCR loan.
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 file qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. The retiree’s personal income is not the test. Credit is still reviewed, and the retiree’s savings still matter, since they fund the down payment and reserves.
The line between the two products is occupancy. Under Regulation Z’s business-purpose rule, if the owner expects to occupy the property for more than 14 days in the coming year, the special rule for non-owner-occupied rentals does not apply. A retiree who plans to winter in the so-called rental has a second home on paper. That belongs on an asset path, not DSCR. Business-purpose labeling is also not a license to skip other obligations. A law-firm alert from Hunton Andrews Kurth notes that state licensing and other rules can still apply.
Retirees who want to buy an investment property on the depletion path can do so at 65% on a purchase, as shown above. Some lenders in the network also review sub-1.00 coverage on DSCR files, though leverage and terms adjust when they do.
Georgia Considerations
The program figures above do not change by state. Georgia is one of the 16 states where Lendmire’s consumer mortgage lending is licensed, so a Georgia borrower is on the same footing as any other borrower in that footprint.
What does change is the property. A Georgia retiree weighing metro Atlanta, the coast, or the north Georgia mountains is comparing very different price levels and carrying costs, and that affects how much of the portfolio the loan needs to cover. Property taxes and insurance vary by county, and the lender counts them as part of the housing payment. Relocating from out of state adds nothing special to the file, though statements still need to show seasoned funds in regulated accounts.
Tax treatment varies; consult a qualified professional before drawing from retirement accounts to fund a purchase.
Is Borrowing the Right Move?
For some retirees, a mortgage is the wrong answer. The decision usually comes down to what the portfolio would do if left alone.
- Paying cash makes sense when the purchase is a modest share of the portfolio and the lost investment growth does not matter. It stops making sense when the cash would come out of a retirement account at a heavy tax cost, or when it would drain liquidity.
- Borrowing on assets makes sense when the portfolio is earning more than the loan costs, or when selling would trigger gains the retiree wants to avoid. The tradeoff is that costs on non-QM files can differ from conventional ones, and terms vary by lender.
- A conventional loan is built on documented income and a debt-to-income test. A retiree with steady pension and Social Security income may qualify there without touching asset-based programs.
- A reverse mortgage is not a purchase loan of this kind. Searchers often confuse the two. A reverse mortgage draws against home equity the borrower already holds, while the programs here finance a purchase or refinance on verified assets.
One more caution on the depletion path. A strong portfolio can lose value, and a market drop can change what the lender counts. Retirees leaning on securities should stress-test the file before applying.
Application Checklist
Assemble these before applying:
- Statements for every account you plan to use, covering the required period for your path. That means two months on the qualifier path, and 120-day-old statements plus one within 45 days on the depletion path.
- Documentation of the source of any large deposit.
- Credit report review, with housing history in mind.
- Proof of ownership share for any joint or business account.
- A plan for assets that are not eligible, such as crypto or precious metals. Convert them to a seasoned cash balance in a regulated account first.
- Documented pension, Social Security, or required distribution income, if you plan to supplement.
Asset-based means documented. There is no traditional personal-income documentation, no pay stubs and no employment verification, but the assets are verified in full.
Myths Versus Reality
Myth: No income means no mortgage. Verdict: false. A lender may base repayment on assets, and these programs are built around that.
Myth: I would have to cash out my portfolio. Verdict: false. The qualifying income is a calculation and nothing is sold.
Myth: Asset-based means no documentation. Verdict: false. Statements, seasoning, credit, and the property are all reviewed.
Myth: Asset depletion works for rentals. Verdict: partly. The depletion path allows investment property at lower leverage, but business-purpose rental loans usually run through DSCR.
Myth: One standard formula applies everywhere. Verdict: false. Divisors and haircuts differ by program.
Key Terms Defined
Asset qualifier: a path in which eligible assets must equal or exceed the whole loan, with no income documented.
Asset depletion: a path that divides usable assets by 60 months to create monthly qualifying income.
Usable assets: the share of each balance a program counts after its credit percentages or haircuts.
Seasoning: the length of time funds must have been in an account, shown through statements.
Debt-to-income ratio: monthly debts, including the new housing payment, compared with monthly qualifying income.
Frequently Asked Questions
Can a lender deny me for my age?
Age on its own is not a qualifying factor in the programs above. The file turns on credit, verified assets, leverage, and the property. A longer term is not a barrier simply because the borrower is older.
Do I have to sell investments or start withdrawals?
No. The qualifying income on the depletion path is a calculation, and the qualifier path just compares balances to the loan. Your accounts stay invested, though funds needed for cash to close must be set aside.
I retired at 57. Do my retirement accounts count?
Yes, at a discount. On the qualifier path, 401(k) and IRA balances count at 90% under age 59½ and 100% after. On the depletion path they count at 70% at any age, subject to underwriting.
Can Social Security or a pension be combined with assets?
On the depletion path, yes. Asset-derived income can supplement documented income up to a 45% debt-to-income ratio, and the minimum-assets rule is waived when it does. Details vary by program.
Should a Georgia retiree pay cash instead?
It depends on the size of the purchase against the portfolio, the tax cost of raising the cash, and the retiree’s liquidity needs. Borrowing against verified assets can keep the portfolio invested, while paying cash avoids a loan altogether.
Next Step
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 through the mortgage quote page.
For current guidelines and terms, see Lendmire’s asset-based mortgage programs.
Lendmire’s asset-based mortgage in Georgia page presents the program for Georgia borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
3. Hunton Andrews Kurth — 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: Can an Indiana Snowbird Buy a Winter Home on Savings Alone? · When Does Asset Depletion Beat a Conventional Mortgage for a New Mexico Retiree? · Can a Montana Landlord in Retirement Get a Mortgage on Rents and Savings?
Guides: Asset-Based Mortgage in Georgia
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.