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Reply to "Financing home purchase in retirement"
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[quote=Anonymous][quote=Anonymous]We are planning to retire in two years at 59. We should have a net worth of $7.5 million at that point. Over $6 million of that will be in our two 401ks. We have about $800,000 of equity in our current home. I expect we will buy a new primary residence soon after we retire. I think it might be in the $1.5 to $2.0 million range. I am starting to think through how we would fund that purchase. We have plenty in our 401k accounts, but I don't think we want to pull it out at once because of taxes. So we just get a mortgage? Can we get a loan against our 401k balances? I don’t want to use all our funds outside the 401ks for the house purchase. [/quote] What is your expected sale price of your current home? [/quote]
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