The feeling that I will get once that mortgage is paid off will be priceless, and I absolutely can’t wait to accomplish it!The big looming question at this point however, is whether or not Jim and Mrs.
If they are looking to move to Florida maybe they sell there house, buy a smaller house or condo and rent it out to snow birds, thus making income from there place and make money renting there new place.
If they stay in the house then they may have a harder time selling it because they will say the kinds grew up here, etc. I get the whole peace of mind thing with getting rid of that mortgage payment, but I don’t fully understand doing it by borrowing from your 401k.
I know it’s improbable, but it IS possible, which is increasing your risk quite severely when compared to making mortgage payments. Worse yet, you will be paying tax again on those loan payments when you withdraw those dollars in retirement. The one thing I would hate to see happen to you is a mandatory full payment back into your 401a due to job loss or job change.
If you cannot pay it, then the money will be pulled from your retirement account, taxed, and penalized!
This is effectively the same thing (since you are taking money from your 401a to pay the mortgage loan), and at a lower risk.
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