Can I use money from my IRA for a downpayment without having to pay penalties?
By Jessica Swesey, Thursday, April 3, 2008.Bookmarking Sites
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Submitted by Rogan McGillis on April 11, 2008 - 3:06pm.
Good question, i'm not sure. I know you can borrow against a 401k plan but I'm not sure about an IRA. I would ask your financial advisor, they should know the answer to that I would think.
Rogan McGillis
Founder, ReverseMortgageCity.com
www.reversemortgagecity.com
Submitted by chuck armbruster on May 2, 2008 - 10:28am.
I would say, "no."
Submitted by Jieranai Maier on June 16, 2008 - 9:17am.
I believe on my IRA account, I saw that I can give $10,000 to my children for down payment for their principal homes,t without paying taxes and penalty.
Please do not rely on this, check with the institution where you currently have your IRA
account.
Jieranai Maier
http://JieranaiMaier.com