Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Am I considered a first time home buyer

Posted on: 12th Sep, 2010 10:11 am
my mother passed away 10 years ago, she left no will. I am the only heir. The city holds a lien on this property because she had some home repairs with city bond money. I have not owned a home for 15 years, I am 60 years old, can I withdraw 10,000 from my IRA and use it to pay off the money owed the city and be considered a first time home buyer? Will I have to pay taxes on the money I withdraw?
I had planned to use (quite tittle) to start the process but not before I secure the IRA money.
Welcome odellnorman,

You can withdraw money from your retirement savings in order to pay off the lien on your mother's property and then claim it. You will be considered as a first time home buyer as you haven't owned a property in the last 15 years. You won't have to pay any taxes for withdrawing money from your IRA as you're 60 years of age.
Posted on: 12th Sep, 2010 10:19 pm
Page loaded in 0.056 seconds.