What is an asset depletion mortgage?

This is a loan where you have no or limited income, but you have a large sum in the bank. I do a number of these each year for individuals that have large 401k accounts that they rolled to an IRA. The requirements are usually that there needs to be enough money to support the monthly income needs for at least three years. The bank account is the asset, and you are depleting it to generate the 'income' or 'distribution' to meet the qualifying requirements of the loan. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.