The Quick Read: A retiree with no paychecks can refinance a Florida home by qualifying on assets instead of income. Eligible balances either cover the whole loan, or they are converted into a monthly qualifying income, through select programs Lendmire places, subject to underwriting, credit review, and the property.
- Asset qualifier path: eligible assets must equal or exceed the entire loan, and no employment or income is documented. Leverage runs up to 75% on a refinance of a principal residence or second home.
- Asset depletion path: usable assets divided by 60 months become qualifying income. That income must carry the housing payment and other debts.
- You are on one path at a time. The two sets of percentages never blend.
- Assets are fully documented. Skipping income paperwork never means skipping paperwork.
- Rental properties are different. A pure rental usually moves to a DSCR loan, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
Which Path Fits a Retiree With Heavy Balances and No Income?
Retirees in this spot tend to be asset-rich and income-light. Lenders built for a paycheck read that profile as weak. Asset-based programs read it as strong.
The first question is how big your balances are compared with the loan. If your eligible assets cover the entire loan balance, the asset qualifier path is usually the cleaner fit. If they do not, the asset depletion path may still work, because it turns a pile of assets into a monthly income figure.
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| Core test | Assets cover the whole loan | Assets / 60 months = income |
| Income documented | None | Derived from assets |
| 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 |
| Credit | 600 minimum | Lender’s matrix |
These are ceilings and floors across select programs, not offers. Each file is underwritten individually.
How the Asset Qualifier Path Works
The qualifier path asks one question: do your eligible assets, after credit percentages, equal or exceed the whole loan? If yes, no employment or income is documented.
Across the wholesale network Lendmire works with, the percentages that count look like this:
- Brokerage accounts, certificates of deposit, money market, and savings count at 100%.
- Retirement accounts count at 90% if you are under 59½ and 100% at 59½ or older.
- Accounts combine, so you can stack several.
Here is the sanctioned shape of the math. Say you want an $800,000 refinance loan. You hold $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) while under 59½ (90%, so $270,000), and $200,000 in savings (100%, so $200,000). That is $800,000 of usable assets, which meets the loan amount. It is reviewed on assets alone, as an illustration, and the lender’s own calculation governs.
The remaining requirements are simple. You need 60 days of seasoning and two months of statements for each qualifying account. The credit floor is 600. On a refinance, leverage tops out at 75% on a principal residence or second home, subject to underwriting. No reserves are required at or below 75% loan-to-value; above that, the lender sets them.
One caution on cash-out. Whether proceeds are allowed on this path, and at what leverage, is set by the lender and is not published. Ask before you plan around it.
How the Asset Depletion Path Works
Depletion turns assets into a paycheck on paper. The lender haircuts each asset, adds up the usable total, and divides by 60 months. The result is monthly qualifying income, and it then runs through the debt-to-income test (DTI, meaning your monthly debts as a share of income).
The haircuts on this path are:
- Cash accounts and certificates of deposit at 100%.
- Securities at 80%.
- Private stock at 75%.
- Retirement accounts at 70% at any age.
- Real-estate equity at 60%.
Notice that retirement accounts count for less here than on the qualifier path. That is why a retiree who is 59½ or older often tests both paths before choosing.
Run the sanctioned example. You hold $1,500,000 in securities (80% counts, so $1,200,000) and $300,000 in cash (100%, so $300,000). Usable assets are $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That figure must then carry the full housing payment and your other debts through the DTI test. Again, the lender’s own calculation governs.
Leverage on this path depends on what you are refinancing:
- Principal residence or second home: up to 80% on a rate-and-term refinance and 60% on a cash-out refinance.
- Investment property: up to 65% on a rate-and-term refinance and 60% on a cash-out refinance.
- Cash-out proceeds never count as qualifying assets.
Minimums matter too. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is your only income source, you also need at least $250,000 liquid. Asset income can also supplement documented income, such as Social Security or a pension, up to a 45% DTI. When it supplements, the minimum-assets rule is 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. A first-time investor on this path needs a 700 score.
What Does Not Count as an Asset?
Several asset types are not published as eligible on either path. These include cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business accounts beyond your ownership share. On the depletion path, custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, and non-vested restricted stock units are also out.
There is a documented workaround. Convert the holding to cash and season it in a regulated account. The lender reviews the source of funds. Plan for that before you apply, because the seasoning clock starts when the cash lands.
Step by Step: From Decision to Application
1. Pick the purpose. Rate-and-term pays off the old loan. Cash-out adds a larger balance and pays you the difference.
2. Total your eligible assets using the percentages for each path, separately. Never mix the two tables.
3. Check seasoning. Pull two months of statements per account for the qualifier path. For the depletion path, check that statements are 120 days old plus a recent one.
4. Check credit and housing history. Housing history of 0x30x12 is standard. 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.
5. Compare both paths on leverage and loan size. A broker who sees many lenders can model each.
6. Submit the file. Expect a credit review, an appraisal, and a title check. This is a consumer mortgage, so consumer-mortgage disclosures apply.
Where the General Rule Breaks
Your own home is consumer credit. A refinance of the home you live in is a consumer loan. That is why the asset paths above exist. A DSCR loan is not the tool for your primary residence.
Snowbird homes. Used a Florida property yourself for more than 14 days? Then it likely does not count as a pure rental. Treat it as a second home and use the asset paths.
Recently retired. You do not need a seasoned retirement-income history on either path. You do need seasoned assets. If a lump sum just landed, such as a business sale or a settlement, the depletion path excuses those funds from the seasoning period.
Under 59½. The qualifier path counts your 401(k) at 90%. The depletion path counts it at 70%. The gap can decide which path fits.
Spouse still working. If one spouse still draws a paycheck, a different structure may fit better. Lendmire’s piece Can a W-2 Spouse Carry the Mortgage Without Self-Employed Income? covers that setup.
Cash-out for personal spending on a rental. This is where the loan’s purpose can change the rules. A law firm’s guide on the business-purpose exemption gives the example of a cash-out refinance on a single-family rental used to pay personal bills. That kind of loan is treated as consumer credit, per Doss Law’s business-purpose guide.
What If the Florida Property Is a Rental?
Many retirees own a rental or two. Those refinances run on a different track. 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 rule behind that treatment says credit to buy, improve, or maintain non-owner-occupied rental property is deemed business purpose, per the CFPB’s Regulation Z commentary on §1026.3. The same commentary draws the 14-day line: if you expect to occupy the property more than 14 days in the coming year, it is no longer treated as non-owner-occupied. The agency’s ability-to-repay rule says investment-purpose loans are business-purpose loans, so those requirements do not apply, per the Federal Register final rule.
In practice, a DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Your credit, equity, and reserves still matter. Some select lenders in the network offer programs below 1.00 coverage, but loan-to-value and terms adjust. Lendmire’s piece Can a Retiree With No W-2 Income Get a DSCR Loan? goes deeper on the rental side. The complete DSCR loans guide covers how the ratio is calculated.
Rental rent is documented with a current lease or the appraiser’s market-rent schedule. Weak rent documentation, not retirement, is a common reason a rental refinance stalls.
Should You Refinance at All?
Qualifying is one question. Whether to refinance is another. A few honest tradeoffs:
- Term reset. A new loan restarts the clock. Refinancing at an older age can lower the monthly payment while raising total interest paid over the life of the loan.
- Break-even. Compare the cost of the new loan with what you save, and ask how long you plan to keep the home.
- Cash-out on a fixed portfolio. A larger balance means a larger payment against assets that may also fund your living costs. On the depletion path, cash-out proceeds never count as qualifying assets.
- Florida carrying costs. Insurance, condo or HOA dues, and escrowed costs change what the payment means for your budget. Get current numbers before you decide, because they shift from year to year.
- The alternative. Selling assets to pay down the loan may beat borrowing. A broker can model both.
One more point from broker-side experience. Files for retirees stall less on the program rules than on the statements. Accounts opened or moved recently, or balances that dipped between statements, create most of the back-and-forth. Gather clean, consecutive statements before you apply.
Key Terms Defined
Asset qualifier path: a program route where eligible assets, after credit percentages, must equal or exceed the whole loan, with no income documented.
Asset depletion path: a program route where usable assets divided by 60 months become qualifying income, which then runs through the debt-to-income test.
Debt-to-income (DTI): your monthly debts divided by your monthly income, the standard measure of whether a payment is affordable.
Seasoning: the period an asset must sit in your account, shown on statements, before a lender counts it.
Rate-and-term refinance: a refinance that replaces your old loan without paying you cash.
Cash-out refinance: a refinance for more than you owe, with the difference paid to you.
DSCR loan: a business-purpose loan for rentals that qualifies primarily on property-level rental income covering the payment.
Frequently Asked Questions
Can I refinance my Florida home if I have no job and no income?
Yes, through asset-based programs, subject to underwriting and credit review. The asset qualifier path needs eligible assets that cover the whole loan. The asset depletion path converts assets into qualifying income. Your assets are fully documented either way, and only the income paperwork drops out.
Does my 401(k) or IRA count?
It counts on both paths, at different percentages. On the qualifier path it counts at 90% under age 59½ and 100% at 59½ or older. On the depletion path it counts at 70% at any age. Statements are still required.
How much can I borrow against my Florida home?
It depends on the path and the purpose. On the qualifier path, refinance leverage is up to 75% on a principal residence or second home, with loans up to $4,000,000. On the depletion path, it is up to 80% for a rate-and-term refinance and 60% for a cash-out, with loans from $125,000 to $3,500,000. Underwriting sets the final number.
Can I use these programs on a rental I own in Florida?
The depletion path allows investment property at up to 65% on a rate-and-term refinance and 60% on a cash-out, subject to underwriting. Most pure rentals, though, fit a DSCR loan better because it qualifies primarily on property-level rental income. A broker can compare both.
Does my credit score still matter?
Yes. The qualifier path has a 600 minimum, and the depletion path follows the lender’s score and loan-amount matrix. A first-time investor on the depletion path needs 700. Housing history is reviewed too.
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. Consumer mortgage lending is licensed in 16 states, Florida among them, and Lendmire acts as the broker, not the lender.
A retiree’s Florida refinance usually turns on one thing: whether the balances in the statements can cover the loan or become the income.
Lendmire’s asset-based mortgage in Florida page presents the program for Florida borrowers.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker licensed for consumer lending in 16 states. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Doss Law: Business Purpose Exemption Simplified
3. Federal Register: Ability-to-Repay and Qualified Mortgage Standards final rule
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 Assets-Only Mortgage Works · Does an Asset Depletion Loan Require Any Income? · What Counts as an Asset Statement for a Mortgage?
Guides: Asset-Based Mortgage in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.