PEAX Equipment

Mortgage versus Cash from Retirement Funds

You or anyone else know if he could take a loan from his own 401K (if that was the retirement account he was using)?
Yes.
Advantages:
1)It’s a sure thing: You won’t have to go through a credit check or submit documents to a third-party lender for approval.
2) It’s fast: often within a few days.
3) 401(k) loan interest rates are generally a point or two above the prime rate.

Disadvantages:
1) Taxable income so potential jump in tax brackets.
Selling our current house and/or inheritance not taxable income.
2) Since I am retired, can not put the $ back into the 401-k so loss of investment power in 401-k

Our current plan is we are moving to Montana in Sept.
Our Alaska house goes on the market the end of this week.
We have our winter rental leased to us until July 2024 so we will not be homeless
and have the ability to wait and take our time before purchasing a home down in MT.
 
Reaching out to a professional is an important step in your moving process, because you need a better understanding of the situation. When I had a similar situation, I sought guidance from both: a CFP (Certified Financial Planner) and CPA (Certified Public Accountant). A CFP can assess your financial situation and provide guidance on the best way to finance your property. a CPA handles tax-related matters. Although, you have an easy situation, because in my case, besides the fact that it took a long time before I decided that the best way for me is to take out a mortgage, I had some errors in my report, some accounts being reported as charge-off. I wish you luck! I’ll drop here the article that helped me with the charge-off, it could be useful for someone
https://www.halt.org/how-does-charge-off-impact-your-credit-report/
 
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