Florida is a dream destination for retirees, attracting buyers from the Northeast and Midwest with its year-round sunshine, tax advantages, and vibrant lifestyle. Many of these retirees are financially prepared to invest in a new home or vacation property and often own significant liquid assets.

The average retiree moving to Florida may have from $500,000 to $5 million in retirement accounts, brokerage portfolios, or other assets along with additional income streams such as pensions or Social Security. This financial foundation makes it possible for them to explore non-QM mortgage options like asset utilization or asset depletion. Whether buying a home in a dynamic area like Miami or a more serene coastal town like Naples, Florida’s real estate options cater to those looking for comfort and a lasting lifestyle investment.

Asset Utilization Loan Highlights:

  • Employed, Self-employed, unemployed or retired
  • Asset balances above $1 million is the key
  • Primary residences and vacation homes
  • Very good credit is necessary
asset based loan Florida lender

Read the complete guide about qualifying for Florida asset utilization loans on a purchase or refinance.

Average Investment Account Values by Age Group

Investment accounts often grow with age and provide substantial assets for borrowers in different life stages:

Generation Age Group Average Investment Value
Millenials 30s $100,000 - $250,000
Gen-X 40-50s $300,000 - $700,000
Baby Boomers 60s-70s $500,000 - $1.5 million

Popular areas for wealthy homebuyers in Florida

High-net-worth individuals frequently buy homes in Florida’s most desirable neighborhoods, including:

  • Miami: Coral Gables, Coconut Grove, Key Biscayne
  • Orlando: Winter Park, Lake Nona, Windermere
  • Tampa: South Tampa, Davis Islands, Hyde Park
  • Naples: Park Shore, Port Royal, Aqualane Shores
  • Fort Lauderdale: Las Olas Isles, Harbor Beach, Rio Vista

 

Florida Success Stories with Asset-Based Mortgage Loans

Scenario 1: A 65-year-old retiree from Coral Gables wanted a luxury vacation home in Naples but lacked traditional income. With a $1.4 million portfolio they were able to finance the property and now enjoy a coastal retreat.

Scenario 2: An Orlando tech entrepreneur with variable income and a substantial stock portfolio to purchase a primary home in Winter Park.

What borrower's tend to ask

How long does it take to get approved & close an asset-based loan in Florida?+
The approval process to closing an asset only mortgage generally takes around 2 to 4 weeks. Lenders require enough time to review your file and the appraisal.
Are interest rates higher for asset-based mortgage loans?+
Yes. Interest rates for Florida asset utilization home loans are normally higher than conforming loans by .875 to 2.00%, which is slightly higher than bank statement loans too. Like all loans, the interest rate difference is based on your credit score, LTV, and loan amount. Qualifying for a loan based on alternative income remains an attractive option for many Florida residents, especially high net worth individuals.

Disclosure: Minimum loan amount is $200,000 for residential loans. Loan programs are subject to change per lender at any time until the loan is approved and the rate is locked. Borrowers must be approved by underwriting. Not all applicants will qualify.