Posted on: 14th Nov, 2010 06:14 am
i want to refinance. does it make sense to pay down my principal balance with retirement funds?
we would like to refinance our home. we have an old ira account that we would like to use to reduce our mortgage amount (aprox $100k). what are the tax implications? would it be worth it in your opinion.
we would like to refinance our home. we have an old ira account that we would like to use to reduce our mortgage amount (aprox $100k). what are the tax implications? would it be worth it in your opinion.
Hi kim,
If you're refinancing your mortgage, then you don't need to take out your retirement funds to pay off the loan. You can use the money you receive from refinancing the mortgage to pay off the existing mortgage.
Thanks
If you're refinancing your mortgage, then you don't need to take out your retirement funds to pay off the loan. You can use the money you receive from refinancing the mortgage to pay off the existing mortgage.
Thanks