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Last updated: Sept 2026. By Alvaro Moreira, NMLS #148581. Moreira Team | MortgageRight. MortgageRight NMLS #2239; Atlanta Branch NMLS #1285851.
You have spent decades saving. Now you want to downsize near the grandchildren, trade the yard for a condo, or finally buy the lake house. Then a lender asks for your last two pay stubs, and you no longer have any.
Retiring does not end your ability to get a mortgage. It changes how you show that you can repay one. This guide explains the ways Georgia retirees document income, how an asset depletion loan turns savings into qualifying income, and what to gather before you apply.
Can you get a mortgage after you retire?
Yes. The federal Equal Credit Opportunity Act prohibits lenders from discriminating on the basis of age, so being retired is not a reason for a lender to turn you away. What every lender must do is make a reasonable, good faith determination that you can repay the loan. Under the federal ability-to-repay rule, that review can rely on your income or your assets. That second word is what makes asset-based qualifying possible.
Three ways retirees document income
Most retirees qualify using one of these, or a combination.
1. Retirement income you already receive. Social Security, a pension, or an annuity can count as income when it is documented, for example with an award letter or recent statements.
2. Regular distributions from retirement accounts. If you already take scheduled withdrawals from an IRA or 401(k), those payments may be counted as income.
3. Asset depletion. When your savings are large but your monthly income is modest, an asset depletion loan lets the lender convert eligible assets into a monthly qualifying figure. You do not have to sell anything or start new withdrawals. It is a paper calculation. Our asset depletion loan overview covers the program in more depth.
How asset depletion works for a retiree
The lender reviews your eligible accounts, applies any discounts the program uses for investments and retirement balances, and sets aside what you need for the down payment, closing costs and reserves. Whatever remains is divided by a set number of months, and the result is treated as monthly income. The period used for these loans is 60 months. Retirement accounts are commonly counted at 70%, or sometimes 80% if you are over age 59 and a half.
An illustration, not a quote or an offer of credit. A retired couple in Georgia receives $3,000 a month in combined Social Security. After discounts and after setting aside money to close, $480,000 of their savings counts toward the calculation. Spread over 60 months, that adds $8,000 a month. Combined with their $3,000 in Social Security, their qualifying income would be $11,000 a month.
The example shows why the program’s terms matter so much. The same savings can support very different loan amounts depending on how a program counts them.
What documents to gather
Every file is different, but having these ready usually keeps things moving:
- Recent statements for checking, savings, brokerage and retirement accounts. Accounts generally need a short seasoning period, commonly two to three months.
- Your Social Security award letter, pension statements, or annuity paperwork, if you want that income counted.
- A government-issued photo ID.
- If you are selling your current home, the sale contract or settlement statement.
- Any other documents the program requires. Tax returns are typically not required when assets are the primary source of qualifying income.
Our Georgia pre-approval documents checklist covers the standard list in more detail.
Georgia details worth knowing
Closing costs. Georgia charges an intangible recording tax of $1.50 per $500 of the loan amount, about 0.30%, and a Georgia attorney must control the closing. Our Georgia closing costs guide walks through the rest.
Taxes on retirement income. Georgia offers a retirement income exclusion for residents 62 and older. It affects your tax bill rather than how a lender qualifies you, but it is worth discussing with your tax advisor when you plan your budget.
Buying a second home. If you are keeping your current home and adding a place in the mountains or on the coast, see our guide to buying a second home in Georgia. Second homes are commonly allowed under asset depletion programs, subject to program guidelines.
Asset depletion or a reverse mortgage?
Retirees often weigh these two, and they work very differently.
- An asset depletion loan is a regular mortgage with monthly payments. You qualify using your savings, and your investments remain yours to manage.
- A HECM reverse mortgage is for homeowners 62 and older. You do not make monthly mortgage payments, but you must keep paying property taxes and homeowners insurance, live in the home as your principal residence, and maintain it.
Neither is right for everyone. The better fit depends on how long you plan to stay, how you want to use your savings, and what you want to leave to your family. We are happy to lay the two side by side for you.
Questions to ask before you apply
- How does this program count my retirement accounts compared with my cash?
- Can my Social Security or pension be combined with asset income?
- How much do I need to keep in reserve after closing?
- Would a conventional loan cost less for my situation?
Talk it through with a Georgia loan officer
Every retiree’s picture is different, and a short conversation usually shows which path fits. Share your goals and we will walk you through your options, including whether an asset depletion loan in Georgia makes sense for you.
Equal Housing Lender
All loans are subject to credit approval. Rates, terms, and program availability are subject to change without notice. This information is for educational purposes only and does not constitute a commitment to lend. Additional restrictions may apply.