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User Panel
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Posted: 1/28/2006 5:17:08 AM EDT
[#1]
bump
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Posted: 1/28/2006 5:23:30 AM EDT
[#2]
Short answer... Don't do that.
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Posted: 1/28/2006 5:25:57 AM EDT
[#3]
If you can afford your mortgage as is, dont depleat your 401k jus to pay it off. If you lost your job or got injured you may NEED that 401k later on for emergencies.
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Posted: 1/28/2006 5:26:20 AM EDT
[#4]
Do you need to take a home equity line of credit? If you take out enough then you can claim it again on your taxes. If not you could sell the home which you would lose the asset and not to mention pay taxes on your capital gains unless you put it in another home.
You could also rent and buy a new home. I am sure the financial gurus will chime in and correct me if I am wrong. Max |
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Posted: 1/28/2006 5:28:32 AM EDT
[#5]
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Posted: 1/28/2006 5:41:22 AM EDT
[#6]
How much is your mortgage interest rate?
 How much is your 401k returning? |
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Posted: 1/28/2006 5:46:41 AM EDT
[#7]
I don't think that is one of cases in which you can draw on a 401k penalty-free, is it? Does this count as a "hardship?"
Even is you can withdraw under hardship rules you'll still pay a 10% penalty on top of the regular income tax. |
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Posted: 1/28/2006 5:50:14 AM EDT
[#8]
As much as I hate debt, I wouldn't liquidate any 401k money to pay off a controllable mortgage.
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