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Shawn P Adamo
Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Finance
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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Im 57 and I borrowed $38,000 from my 401K which leaves a balance

Customer Question

Im 57 and I borrowed $38,000 from my 401K which leaves a balance of $78,000. My question is, should I take out a line of credit on my house to pay off my loan.
Submitted: 2 years ago.
Category: Finance
Expert:  Shawn P Adamo replied 2 years ago.
Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.
That depends on several other factors.
There is not enough information here.
I believe a call would be best. I will send an offer because in some cases the best answer would be yes but it might also be no.
More information is needed.
Married? If so combined in in ? Why was loan taken out to begin with?
Please let me know if I should send a call offer. It will be 5 and we can talk as long as necessary.
Expert:  Shawn P Adamo replied 2 years ago.
Just an FYI bits 8 pm and I am on EST.
Expert:  Shawn P Adamo replied 2 years ago.
If you would like to discuss this via text please also let me know. There will be a bunch of questions I will have to ask to give you a professional answer. No professional can answer this question with the little information provided. If they did they would be less than a competent professional.
Please let me know
Expert:  Shawn P Adamo replied 2 years ago.
I will be happy to do either. You make the choice and just let me know. I believe a call (5) is easier because we can cover a lot more in less time.
I normally find that during a call additional information is learned that effects the answer