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Use Retirement Funds to Refinance

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kim090807 Joined: 20 Sep 2009 Posts: 55 -0.01 Dollars($)	Posted: Sun Nov 14, 2010 7:14 am    Post subject: Use Retirement Funds to Refinance Like 0 Dislike 0 I want to refinance. Does it make sense to pay down my principal balance with retirement funds? We would like to refinance our home. We have an old IRA account that we would like to use to reduce our mortgage amount (aprox $100K). What are the tax implications? Would it be worth it in your opinion.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Mon Nov 15, 2010 2:06 am    Post subject: Like 0 Dislike 0 Hi kim, If you're refinancing your mortgage, then you don't need to take out your retirement funds to pay off the loan. You can use the money you receive from refinancing the mortgage to pay off the existing mortgage. Thanks

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