Comments on: Is it better to use home equity or retirement to temporarily make ends meet? http://www.talkaboutretirement.net/personal-finance/is-it-better-to-use-home-equity-or-retirement-to-temporarily-make-ends-meet/ Issues concerns retirement and retired living Sat, 11 Feb 2012 21:29:01 +0000 http://wordpress.org/?v=2.6.3 By: Steve R http://www.talkaboutretirement.net/personal-finance/is-it-better-to-use-home-equity-or-retirement-to-temporarily-make-ends-meet/#comment-153 Steve R Tue, 18 Nov 2008 16:19:45 +0000 http://www.talkaboutretirement.net/personal-finance/is-it-better-to-use-home-equity-or-retirement-to-temporarily-make-ends-meet/#comment-153 Sell the one home to get rid of the mortgage. Sell the one home to get rid of the mortgage.

]]> By: thylawyer http://www.talkaboutretirement.net/personal-finance/is-it-better-to-use-home-equity-or-retirement-to-temporarily-make-ends-meet/#comment-152 thylawyer Sun, 16 Nov 2008 02:52:57 +0000 http://www.talkaboutretirement.net/personal-finance/is-it-better-to-use-home-equity-or-retirement-to-temporarily-make-ends-meet/#comment-152 Unless you already have an established home equity line of credit, your family income situation may not allow you to acquire a line of credit. And given the current real estate market, your mortgages may already have you "upside-down" - you owe more than the house is worth - on the house, which will also prevent you from being approved for a line of credit. If your only choice is using the retirement, you will pay a penalty and owe taxes if not paid back on time, and that will make your financial situation even worse. Better to think about hubby getting some, any, work, or you going to work, or both. Unless you already have an established home equity line of credit, your family income situation may not allow you to acquire a line of credit. And given the current real estate market, your mortgages may already have you “upside-down” - you owe more than the house is worth - on the house, which will also prevent you from being approved for a line of credit.

If your only choice is using the retirement, you will pay a penalty and owe taxes if not paid back on time, and that will make your financial situation even worse.

Better to think about hubby getting some, any, work, or you going to work, or both.

]]> By: Nathan K http://www.talkaboutretirement.net/personal-finance/is-it-better-to-use-home-equity-or-retirement-to-temporarily-make-ends-meet/#comment-151 Nathan K Fri, 14 Nov 2008 08:41:47 +0000 http://www.talkaboutretirement.net/personal-finance/is-it-better-to-use-home-equity-or-retirement-to-temporarily-make-ends-meet/#comment-151 Do not cash in retirement, unless it's in a Roth IRA, and then, only take out what you contributed. Otherwise you will have to pay taxes PLUS a 10% penalty on it. After it's all said and done, you're only going to get around 55 cents on the dollar for the money you take out of your retirement. Do not cash in retirement, unless it’s in a Roth IRA, and then, only take out what you contributed. Otherwise you will have to pay taxes PLUS a 10% penalty on it. After it’s all said and done, you’re only going to get around 55 cents on the dollar for the money you take out of your retirement.

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