Living on savings
People who have retired, or soon will, buying a home or refinancing the one they have. Accounts can stand in for a paycheck, on their own or beside a pension.
Warren County, New Jersey
Asset-based mortgages in Warren County, NJ
For Warren County buyers and owners whose savings tell a stronger story than their paycheck, such as retirees and people close to retirement: how verified savings, investments and retirement accounts can count as income, and what to gather. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch, in Monmouth County, and we lend across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Where would you like to start?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Warren County housing
Long-time owners, and many households with retirement income
About 110,800 people and about 46,800 homes: that is Warren County in the Census Bureau’s American Community Survey estimates for 2020 to 2024. The median age of residents is an estimated 44.0 years, and 19.6 percent are 65 or older.
An estimated 29.5 percent of households, about 13,400, have retirement income, and 34.4 percent receive Social Security.
Warren County’s owner-occupied homes have an estimated median value of about $346,500.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our office is at 121 NJ-36, Suite 230, West Long Branch, in Monmouth County; we do not have an office in Warren County, and we lend across New Jersey.
The homes
- Owners: an estimated 75.1 percent of occupied homes are lived in by their owners
- Long stays: about 28 percent of households moved into their home before 2000
- No mortgage: about one owner-occupied home in three, about 11,500, has none
- Older homes: an estimated 23.6 percent were built in 1939 or earlier
- Detached houses: about two homes in three, an estimated 68.1 percent
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Asset-based mortgages
How your accounts can count
An asset-based mortgage is an ordinary home loan in which your verified savings, investments and retirement accounts count in place of a paycheck, or as well as one. The home is the collateral: your accounts stay in your name, nothing is pledged, and you do not have to withdraw the money.
The lender needs complete statements, every page, for each account you want counted, and confirms the balances again shortly before closing. Your credit, your housing payments, the appraisal and the property are checked as for any mortgage.
Three ways to count assets
- As a monthly income: asset depletion sets aside the down payment, closing costs and reserves and spreads the rest over a set number of months
- As a test of what is left: an asset qualifier asks whether the assets left after closing are large enough measured against the loan and your other debts, with no income figure
- Added to other income: assets counted beside wages, a pension or Social Security
Who it suits
Retirees, owners after a sale, and savers
Selling a home or a business
Money from a sale that lands in your accounts is a large deposit, so keep the closing statement to explain it, and leave the money in place until closing.
Savers between jobs
Buyers whose income looks small next to what they have saved, including people between jobs.
Asset-based mortgages in New Jersey
Be ready
What to gather, and what to say at the start
Most programs are for the home you live in, and some also allow a second home or a rental property, so say how you will use the home at the start.
Each program sets its own rules, and some count just part of an investment or retirement account. A loan officer goes through your statements with you and picks the method that fits your accounts and the home.
Most borrowers start with these
- Statements: complete statements for each bank, brokerage and retirement account you want counted
- Retirement plans: the withdrawal terms of any plan you use
- Deposits: a short explanation of any large or unusual deposit
- Shared accounts: an access letter from anyone who shares an account but is not on the loan
- Other income: proof of any income you want added, such as a pension
Questions
Questions from Warren County borrowers
Do you lend in Warren County?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License, and we lend across New Jersey. You can check the licence on NMLS Consumer Access (opens in a new tab).
Do you have an office in Warren County?
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County. Call 732-686-9999 to talk with a licensed loan officer.
Do I have to sell or pledge my investments?
No. The lender reads your statements; it does not hold your accounts. The home secures the loan, as with any mortgage.
Do I still need a job?
Not always. With an asset qualifier you do not need to show employment. With asset depletion, your assets can stand alone as your income or be added to other income, such as a pension or Social Security.
Can my retirement accounts count?
Usually, yes, along with bank and brokerage accounts. Each program treats each kind of account in its own way, and you send the plan’s withdrawal terms with your statements.
Is this the same as a reverse mortgage?
No. An asset-based mortgage is an ordinary home loan with a monthly payment, and your accounts show you can make it. A reverse mortgage turns part of your home’s value into cash, with no monthly mortgage payment required. See reverse mortgages.
Talk with a loan officer near you
Get a quote online, or call us and talk it through with a licensed loan officer.
What happens next
- Tell us about your loan. A few quick questions about the property and the loan you want. No credit check to start and no obligation.
- A licensed loan officer reviews your answers and follows up with you, usually within one business day.
- This is a request for a quote, not a loan application and not a commitment to lend.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.