Asset-Based Mortgage: Retired Executive Buys Home Without Income Proof
- By Jim Blackburn
- on
Client Profile
- Name: Cynthia H.
- Age: 64
- Profession: Retired Pharmaceutical Executive
- Location: Naples, FL
- Home Type: Luxury waterfront condo
- Purchase Price: $935,000
- Loan Type: Asset-Based Mortgage
- Down Payment: 30%
- Credit Score: 739
The Challenge
Cynthia had ample savings and investments but no active employment income. She’d been declined by two lenders because she wasn’t drawing steady distributions from her accounts yet. She didn’t want to liquidate assets or start required minimum distributions (RMDs) early just to qualify for a mortgage.
She needed a loan that evaluated her net worth—not her paycheck.
The Strategy
We structured an Asset-Based Loan that allowed Cynthia to qualify based on:
- Retirement and brokerage account balances
- Asset depletion formula to determine monthly qualifying income
- No W-2s or 1099s
- No tax return or distribution history required
- Lower rate based on excellent credit and strong liquidity
The Outcome
- Cynthia closed on her condo without touching her investments
- Monthly payment was well below her comfort threshold
- She kept her retirement strategy intact and preserved her tax planning
- She’s now referring friends in similar situations who were told “no” elsewhere
Quote from Cynthia:
“I spent 40 years building my portfolio—this loan finally let me use it. I didn’t need income. I needed understanding.”
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