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March 31st
No debt is great but watch out for taxes on the lump sum!
April 7th
Generally, my recommendation is to not pull from retirement to pay off a house early. It’s important to play offense (grow assets) and defense (pay down debt). A 15yr fixed rate mortgage is reasonable.
Coach Bob
April 7th
This would be something I would consider as a risk. Depleting retirement funds and assuming all will go as planned can be upended easily. 2020 should have taught us al that! You should explore why you feel taking funds out and rebuilding is better than keeping your retirement funds and purchasing the home normally and then using the funds later, when you can likely access them penalty free, to pay things down if you so choose, but you are then acting from a position of strength rather than trusting all to work out over an extended period of time. Recall Proverbs 19:21 "Many are the plans in the mind of a man, but it is the purpose of the LORD that will stand." God's purposes may not be yours and so I would feel you'd be weakening your position by going this route.
April 8th
Thank you all for your Godly advice. We found a home and are purchasing with a conventional mortgage. I love the community on this app!
May 3rd
I am in a similar situation at age 57, what I concluded from a study of Scripture is that I wanted to be in a position where I am debt free. If you look at Prov 37:21 and the statement that "an evil man borrows and does not repay". Well if the theologians are right about a rapture at the end times, I am of the school of thought that the Christians on earth that are debt free will be those raptured and those Christians in debt will be left behind so they can pay back what they owe and maybe win some souls to the Kingdom. I just don't see how God would let an evil man enter Heaven. Having read through Revelation and the challenges of the Tribulation I want no part of being on earth during that time period..
May 6th
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