The Quick Read: Yes. A retiree with large savings, a brokerage account or an IRA does not need a paycheck, because select programs in Lendmire’s wholesale network qualify the loan on documented assets, either by counting them against the whole loan or by converting them into monthly qualifying income, subject to underwriting. The path depends on the balances and the property.
- The asset qualifier path covers the entire loan with eligible assets and documents no employment or income.
- The asset depletion path divides usable assets by 60 months to create qualifying income.
- A borrower is qualified on one path at a time. The two never blend.
- Assets are fully documented with statements. There is no traditional personal-income documentation, such as pay stubs or employment verification, but every file is underwritten.
- A rental purchase often fits a different tool, covered below.
Indiana is one of the 16 states where Lendmire’s consumer lending is licensed. The program figures below do not change by state. Lendmire is the broker. Select lenders in its network review and approve each file.
Why Do Retirees Get Stuck With Banks?
Large retail lenders are built around pay stubs and traditional personal-income documentation. A retiree with a seven-figure portfolio, modest Social Security and a tax return that shows little income looks thin on paper. The wealth is real. The income line is not.
Federal rules do not require a paycheck. Regulation Z says a lender may base its repayment decision on income, on assets other than the home being financed, or on both. Savings, vested retirement funds, stocks, bonds and CDs are the kinds of assets that rule contemplates.
The catch is documentation. Whatever the lender relies on must be backed by third-party records. For assets, that means statements.
Two Ways to Use Assets (Pick the Path That Fits)
The asset qualifier path asks one question: do eligible assets, after the credit percentages, equal or exceed the whole loan? If yes, no income is documented. The asset depletion path asks a different one: can usable assets, divided by 60 months, carry the housing payment and other debts through the debt-to-income test?
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Test | Assets cover the entire loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Debt-to-income test | Not run on income | Yes |
| Purchase leverage | Up to 80% | Up to 80% (home), 65% (investment) |
| Refinance leverage | Up to 75% | 60% cash-out on a home |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
Leverage on the depletion path depends on occupancy. A principal residence or second home reaches 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. Cash-out proceeds never count as qualifying assets. Whether the qualifier path allows cash-out is set by the lender and not published, so no figure is stated here. All figures are ceilings through select programs, subject to underwriting.
This program is the asset-based mortgage option for people who hold wealth in accounts rather than a salary.
Which Assets Count, and How Much?
Cash counts in full on both paths. Securities and retirement money do not count the same way on both, because the two paths treat them differently. Never read one column against the other.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| Brokerage accounts | 100% | Securities 80% |
| 401(k) and IRA | 90% under 59½, 100% at 59½+ | 70% at any age |
| Private stock | Not listed | 75% |
| Real-estate equity | Not listed | 60% |
Not eligible on the depletion path: 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.
Cryptocurrency, precious metals, collectibles and pledged or borrowed funds are not published as eligible on either path. The documented route is moving them into a seasoned cash balance at a regulated institution, with the source reviewed by the lender.
What Does the Math Look Like?
Both examples are illustrative. The lender’s own calculation governs.
Qualifier path. Take an $800,000 loan. The borrower holds $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) under 59½ (90% counts, so $270,000) and $200,000 in savings (100% counts, so $200,000). Usable assets total $800,000, which equals the loan. The file is reviewed on assets alone, subject to underwriting.
Depletion path. Take $1,500,000 in securities (80% counts, so $1,200,000) plus $300,000 in cash (100% counts, so $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.
Notice the difference. The qualifier path needs assets roughly equal to the loan. The depletion path can support a larger loan relative to the portfolio, but it adds the income test and the leverage limits above.
What Does Underwriting Still Check?
Assets do not replace underwriting. Every file is fully underwritten.
- Credit. The qualifier path has a 600 minimum score. The depletion path follows the lender’s matrix. A first-time investor on the depletion path needs 700. Housing history of 0x30x12 is the standard, and one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. A housing event needs 4 years of seasoning on the depletion path.
- Seasoning. The qualifier path wants 60 days of seasoning and two months of statements for each qualifying account. The depletion path wants statements 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.
- Minimums on the depletion path. 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 cannot fall below $250,000.
- Reserves. None are required on the qualifier path at or below 75% loan-to-value. Above that, the lender sets them.
- Property and title. Appraisal and clearing title run like any purchase or refinance.
Underwriters also want clean statements. Large unexplained deposits get questioned. A retiree who moved money between institutions in the last two months should expect to explain it, and funds that arrived by gift or loan are a problem on either path.
Retired Before 59½ (and Other Edge Cases)
An early retiree is where the two paths split sharply. On the qualifier path, a 401(k) or IRA counts at 90% under 59½ and 100% after. On the depletion path, retirement accounts count at 70% at any age. A retiree with most of the wealth locked in retirement accounts may do better on the qualifier path. One holding mostly taxable securities may prefer depletion.
Assets can also supplement income. A retiree with Social Security or a pension can add asset-derived income on the depletion path, up to a 45% debt-to-income ratio. When assets supplement documented income, the minimum-assets rule is waived.
Joint accounts, trust-held accounts and accounts spread across institutions all need clean statements and clear ownership. Business accounts count only to the borrower’s ownership share.
Don’t double-count. Assets used to qualify cannot also be treated as a separate income stream on the same file.
Keep the Portfolio or Sell It?
This is the real decision for most retirees. Selling investments to fund a purchase can trigger capital gains and takes money out of the market. Qualifying on the assets leaves the portfolio invested. The tradeoff is carrying a mortgage. Tax treatment varies; consult a qualified professional before choosing.
Cash purchase is simpler and carries no loan. For some retirees it is the right answer. A mortgage on assets makes sense when liquidity matters more than avoiding debt.
Buying a Rental Instead? Different Tool.
Everything above covers a home. A rental is different. 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.
For a rental, a DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. BiggerPockets describes the structure as one where no personal income calculation is required and the lender looks at the cash flow the property is expected to generate. Savings then do two jobs. They fund the down payment and they show reserves.
Rent is typically measured by a lease or an appraiser’s rent schedule. Most programs are built around a 1.00x coverage benchmark. Select lenders in the network will review sub-1.00 coverage, though leverage and terms adjust. Credit, down payment and reserves still matter.
Operator note: across the wholesale network, the files that stall on this topic share one habit. The borrower estimates qualifying income from the total portfolio balance. They forget the credit percentages, the cash needed at closing and the account types that do not count. Run the haircuts first. Then check the minimums.
Who This Isn’t Right For
Skip this path if documented income already qualifies you comfortably and the portfolio is small. The depletion path requires substantial qualified assets, and the minimums above are hard stops. Retirees whose wealth sits mostly in crypto, collectibles or a closely held business will need to convert assets to cash first. And anyone with multiple bankruptcies is not eligible.
Key Terms Defined
Asset qualifier: a path where eligible assets, after credit percentages, must equal or exceed the whole loan.
Asset depletion: a path that divides usable assets by 60 months to create monthly qualifying income.
Seasoning: the time funds must sit in an account before they count.
Haircut: the share of an asset’s balance that is discounted and does not count.
Debt-to-income (DTI): monthly debts divided by monthly qualifying income.
Frequently Asked Questions
Can an Indiana retiree qualify with no income at all?
Yes, on the asset qualifier path, if eligible assets after the credit percentages equal or exceed the entire loan. No employment or income is documented. The assets are fully documented with statements, and the file is underwritten, subject to lender guidelines.
Does an IRA or 401(k) count?
It does, with limits. On the qualifier path it counts at 90% under 59½ and 100% at 59½ or older. On the depletion path it counts at 70% at any age. Each path uses its own figure, so the two tables are never combined.
Do I have to sell my investments?
No. Assets are documented with statements and are not liquidated to qualify. Cash-out proceeds from a refinance never count as qualifying assets on the depletion path.
What credit score is needed?
The qualifier path has a 600 minimum. The depletion path follows the lender’s score and loan-amount matrix, and a first-time investor on that path needs 700. Approval is never promised.
What if I want to buy a rental?
A DSCR loan is usually the better fit. It qualifies primarily on the property’s rental income, with your savings funding the down payment and reserves. Leverage on an asset depletion loan against an investment property tops out at 65% on a purchase, subject to underwriting.
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’s asset-based mortgage in Indiana page presents the program for Indiana borrowers.
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.
Investors who want the broader program framework can review how DSCR loans work.
Get Started
Ready to find the right loan for you?
In about 30 seconds you can review financing options available for your home or investment property. No commitment required.
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
2. BiggerPockets: Purchase Investment Property With No Income Docs (DSCR benefits)
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 a Virginia Retiree Get a Mortgage on Savings and Investments Alone? · How to Finance an Indiana Vacation Home With an Asset Qualifier Mortgage · Can You Get an Asset Qualifier Mortgage With a Co-Signer?
Guides: Asset-Based Mortgage in Indiana
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- 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.