I need about $20k to get us through a layoff-home equity loan?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How does OP have no savings? You don’t have any retirement or stocks or college savings for your kids??


I am not sure if OP is just really bad with money or her kids have some severe health problems. I wonder if her kids health is what got her laid off. I know moms who stay home to take care of their high special needs children. Also have a friend who works and uses all her earnings for expensive therapies for her autistic son.

Op here. Of course we have 529s, my husband has a pension, i have 401k, I’m a former fed and have a TSP. I looked into getting a TSP loan but it’s not an option if you’re not an employee anymore. We can’t borrow against my husbands pension. I don’t know if taking money out of the 529s is an option but I assume it would entail huge penalties if it’s even possible.

We just don’t have liquid cash we can tap into. We did, but it’s been wiped out due to a few recent setbacks that have come one on top of another.

This is why I’ve always believed that emergency funds should cover around two years’ worth of expenses. The traditional 3-6 months is far too low IMO.

On a mortgage and expenses that large you need more than two years.

[Anonymous]

Yes, get a home equity loan from another bank.

[Anonymous]

Anonymous wrote:Yes, get a home equity loan from another bank.

+1. Do what you have to do to survive OP, just be sure you understand the terms and can afford the repayment.

[Anonymous]

Can you borrow against your brokerage account?

[Anonymous]

Can your husband pick up an adjunct at another university? If he gave you solution sets could you help him grade papers while you are home?

It’s deep into the semester at this point but maybe for winter session to help you guys catch up and replace whatever funds you borrow against

[Anonymous]

529 penalties are about 10%. Based on OP's situation, I would use some of that $.