This sounds just as stressful as putting your stuff in storage, living in an extended stay hotel for a few months, selling your house and THEN buying with the peace of mind that the sale has gone through.
They can use the funds from a HELOC as the down payment on a reverse for purchase on the new home. They can now move into the new home This strategy will get them into the new home and give them the time they need to sell the old home . Once the home is sold they take some of the proceeds to pay off the HELOC and the reverse. This will get them into the new home at a minnimul cost
If you have a Roth IRA, you can take out CONTRIBUTIONS any time without paying taxes and penalties. BUT NOT EARNINGS> But if you have to take out earnings you will usually have to pay a 10% penalty plus taxes on the income (unless you qualify for an exception. There IS an alternative that he didn't mention that works much better. And a HELOC through a bank has some potential negative consequences.
@@TheBrownThumbPreppingGar-rm2fh - I used a combination of ROTH (contributions only, not earnings) and Traditional IRAs for a down payment on our home purchase in 2013. I successfully used the 60 day hack to return the withdrawn Traditional IRA funds so as effectively undo the withdrawal. I now have a HELOC and plan to use that as a down payment for a 2nd home purchase in 4 or 6 years.
Very informative! Excellent video!
How about a video on getting the best HELOC?
This sounds just as stressful as putting your stuff in storage, living in an extended stay hotel for a few months, selling your house and THEN buying with the peace of mind that the sale has gone through.
They can use the funds from a HELOC as the down payment on a reverse for purchase on the new home.
They can now move into the new home
This strategy will get them into the new home and give them the time they need to sell the old home .
Once the home is sold they take some of the proceeds to pay off the HELOC and the reverse.
This will get them into the new home at a minnimul cost
You are not talking about Roth IRA correct. No taxes on Roth IRA.
If you have a Roth IRA, you can take out CONTRIBUTIONS any time without paying taxes and penalties. BUT NOT EARNINGS> But if you have to take out earnings you will usually have to pay a 10% penalty plus taxes on the income (unless you qualify for an exception. There IS an alternative that he didn't mention that works much better. And a HELOC through a bank has some potential negative consequences.
@@TheBrownThumbPreppingGar-rm2fh - I used a combination of ROTH (contributions only, not earnings) and Traditional IRAs for a down payment on our home purchase in 2013. I successfully used the 60 day hack to return the withdrawn Traditional IRA funds so as effectively undo the withdrawal. I now have a HELOC and plan to use that as a down payment for a 2nd home purchase in 4 or 6 years.
@@TheBrownThumbPreppingGar-rm2fh The 10% penalty on earnings is only if you are not yet retirement age, is what I have read.