Can I use 401k loan to buy out WWs equity - 01/13/13 12:22 AM
I've searched high and low for an answer on this and can't find anything. I talked to my 401k folks on Friday and they said no. I can only use the loan to buy a new primary residence. I don't understand what the difference between doing that and just doing a refi of my house and transferring everything into my name. Seems to me they are the same. The federal tax code says I can do it only to purchase a primary residence. The benefit of doing this versus and standard 401k loan is that the the terms can go up to 20 yrs vs 5 yrs for the standard loan.
I fought to keep my house and now I don't want to give it up but I'm not gonna take a huge loss either. I need the loan to bridge a couple years of unexpected daycare expenses.
If anyone has found any good info on this sort of thing and could point me to it, that would be great!!!
Thanks
I fought to keep my house and now I don't want to give it up but I'm not gonna take a huge loss either. I need the loan to bridge a couple years of unexpected daycare expenses.
If anyone has found any good info on this sort of thing and could point me to it, that would be great!!!
Thanks