Ughhh, I hate financial laws, they're often stupid. My husband passed last summer, and left me a fairly big chunk of money, though mostly in IRA's. I want to downsize here, and I'd prefer to buy or build the new place before selling this one.
The problem?
I do gig work, so not exactly a steady income, plus I'm already paying a mortgage on this place, so getting a mortgage is… Iffy at best I expect. Easy solution, getting a loan with the IRA as collateral, there's enough in there to buy 3, maybe 4 houses where I'm looking to move… And that's not allowed, which is kinda stupid, because if'n I'm willing to pay the taxes and penalties, I could just take the money that I need from the IRA.
Seriously, does this make any sense that I have the money, I can even get the money, but I'm not allowed to use the money I have as collateral, but I can withdraw it. Anyone wanna loan me money illegally?