Using an IRA to Make the House Payment

    Jul 1, 2015 2:42:00 PM
    Author: Scott Hanson


    July 2015

    Before you tap your IRA to pay off a mortgage, remember the money hasn't been taxed yet.  Instead, consider a "mortgage IRA." Read Full Article.

    In Kiplinger, Scott Hanson answers the question: I will retire in 18 months and my husband and I feel that we are well prepared financially. We have about $2 million in our IRAs and 401(k)s, plus a pension. I would really like to pay off the $500,000 mortgage on our house. The interest rate is only 4.5%, but we would feel better if we could get rid of our monthly payments. How can I use my retirement savings to pay off the house? We don’t have much savings outside of these accounts. Read more.

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