Posted: Tue Aug 02, 2005 12:22 am Post subject: RE:
Hi Guest
When you borrow from your 401(k) plan account, you are required to pay loan-processing and administrative fees and also the interest on the loan. The Internal Revenue Service requires you to pay interest at a rate 2% higher than the prime rate. When you pay the interest to your 401(k) plan account, the loan becomes a fixed-rate investment in your 401(k) account.
Hope this information will satisfy your needs.
Please feel free to post further queries.
Regards,
Jessica.
nstif Guest
Posted: Fri Feb 16, 2007 9:06 am Post subject: Getting a mortgage when you are retired
Rather than tie up cash in retirement, I am thinking of purchasing my retirement home (when the time comes) with only 20% down. Is it difficult to qualify for a mortgage loan when you are not employed?
Thanks.
ycikv Guest
Posted: Fri Feb 16, 2007 10:39 am Post subject:
After you are aged 62 or more their is a special type of mortgage which is known as reverse mortgage for which you would be able to qualify.
larryellison Guest
Posted: Fri Feb 16, 2007 7:31 pm Post subject:
Nstif, if you already have a home then a reverse mortgage will help to convert the equity in your home into cash funds.
For getting a mortgage when you do not have employment you will have to pay relatively higher interest rate than normal.
duane doran Guest
Posted: Wed Dec 10, 2008 11:00 am Post subject: getting loan from my 401k
I don't think its a good idea to withdraw money from your retirement account. As you are planning to borrow an amount of $600.00, I think it will be better if you look for a personal loan. However, you should keep in mind that the personal loans come at a higher rate of interest.
Jessica
