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I have a home equity loan with a balance of around $35,000. If I use money withdrawn from my 401(k) plan to help pay for my child’s college education, would the IRS waive the premature withdrawal.
Typically, college educations are funded with savings, grants, scholarships and federal or private student loans. But a home equity loan for tuition may also be an option that fits your situation. With a home equity loan, you borrow money against the equity you have in your home.
A home equity loan is a borrowing tool homeowners can use to turn the value of their home into cash in their hands (or college tuition). As you probably already know, the longer you own your home and pay your mortgage, the more the cash value of your home increases.
A standard home equity loan allows you to borrow the money you need as a single a lump sum, and repay it as a fixed-rate loan over a certain length of time, known as the term. These vary in length and can be as long as 30 years.
Using equity in your home to pay for college costs instead of a federal education loan effectively converts the loan into secured debt – debt that is backed by a personal asset, in this case, your home.
For example, if you purchased a home for $400,000 and it has been appraised at $500,000 and you still owe $150,000 on the mortgage, you have built up $350,000 in home equity. If you need to come up with money for tuition costs and you have built up more than 20% equity in your property, a home equity loan may be the best route to take.
A Kentucky Bank Home Equity loan is perfect for financing everything from a college education to your dream vacation. set it up once; use it over and over. Consult your tax advisor regarding deductibility of interest.
With Tower’s Home Equity Loan, you can pay for what you need, whether it be a renovation, college tuition, or any other large expense you may have coming up. Home Equity Loans are paid out in one lump sum and are available with adjustable or fixed rates-and flexible terms.