I'm willing to pay for the answer to this question.
- I'm 65, still working, might retire at 66 or 67.
- Married, joint income ~$65k.
- Own townhouse in Portland Oregon value $220k, own clear & free, no mortgage.
- No other debt, no credit card debt, just $200/mo car payment.
We are about to buy a second property, a downtown condo, for $130k, and have been pre-approved for a mortgage by Chase. I will live there for at least a year, then may rent it out.
Question: for the 20% down payment, should I withdraw $26k from my 401k (value $160k) OR open a Home equity credit line on our main house? Which is preferable in tax
implications? (I would plan to pay the money back into the IRA when my mother's family home - which my brother and I own, she has life residential rights - is sold after her death, probably in the next 5 - 6 years.)