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I am retired and would like to refinance my house with an IRA backed loan. Is that possible?

Owe 430,000 on houseIRA of 1,000,000 and 100,000 cash in bank
  • April 29 2013 - Denton
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Answers (3)

Profile picture for JoshBarnettREIB
Click on the "Mortgage Rates" tab above, type in your zip code and go over your situation with the Zillow lenders in your area.  
  • April 29 2013
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Check with your financial advisor.
I think they can turn some of that money into a Real Estate Investment Trust???  <= that might be the wrong term, but there is a tool to do this.

You need a financial adviser to set this up, not a lender.

  • April 29 2013
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There are programs for JUMBO loans that allow you to pledge asset to refinance your mortgage.  If you are drawing on the IRA, there more attractive options, but your loan would need to be at the conforming loan limit (417,000.00) or less.  IRA distribtions can be used as income along with a letter from a financial advisor verifying the terms of withdrawal and proof of withdrawal from the most recent two IRA statements.  You would have to qualify with your credit and debt to income ratio.   

Let us know if we can be of further assistance.
  • April 29 2013
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