Can my husband and I to borrow against our IRA to finance a modular home for retirement?
They beat us with a large tax last year when we both worked and have little down payment on a home worth mentioning. I no longer work and my husband will retire soon from his employer Current. We have at least $ 190,000 in profit sharing and 401K, if markets do not fall much more, to be transferred to an IRA. Could lenders in general might loan of $ 100,000 against this IRA examine the credit report is positive? Some mortgage lenders do not pay large amount in a manufactured home, so I'm asking. We own five acres of land where our house and will be the site is partially developed.
You can use the cash from your IRA (up to a certain amount) to buy a house (not an investment property but a home that you intend to live in) without penalty. Talk to your agent about it. EDIT: and heres an article and it appears that some IRA allows you to buy even real estate investments. http://www.realtor.org/rmomag.nsf/pages/managemoneyfeb02
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