401K withdrawl to pay down/off mortgage?

[RamblingMad]

There are pro's and con's to this... best advice is to sit down with a financial planner to really be able to get the best value for your money and help you map out and reach your retirement goals...and prepare for just in case stuff that life throws at us...

A friend that worked with DH, had a similar situation, they decided to cash it out and pay off the house... it was a instance of they had to either cash it out or roll it over.... which for them worked out in the long run, his wife became quite ill several years after, he was able to retire at 63... he said if the house wasn't paid for he would not have been able to retire.... After she passed away, he sold the house and made quite a bit of money, while he was home caring for her, he did a bunch of upgrades.... he paid cash for a retirement home in a 55+ community (mobile home) ... and put a very large chunk in the bank... so for him paying off the house worked in their favor...

This sounded good until you got to mobile home. Have you seen John Oliver's rant about Mobile Homes? Because his show runs more adult, I won't post a link to it. But you can easily find it on YouTube. I don't like the idea of living in a home that loses value. I also don't like the idea that I can have my rent go up for the property I live on. Both seem terrible economically.

 

[LovesTimone]

This sounded good until you got to mobile home. Have you seen John Oliver's rant about Mobile Homes? Because his show runs more adult, I won't post a link to it. But you can easily find it on YouTube. I don't like the idea of living in a home that loses value. I also don't like the idea that I can have my rent go up for the property I live on. Both seem terrible economically.

I understand about mobile homes, for him it was the right choice, he had been taking care of his wife and the house for around 2 1/2 years... As he put it ... it is what he needed for himself... It was a very economical way for him to not have to worry about a mortgage payment, and all the expense of a large family home... with his lot rent everything is included ... they provided all the lawn care, and they have quite alot of amenities, 2 pools, clubhouse, tennis courts, security and lots of community functions...and his home has 3 nice size bedrooms, 2 baths, huge living room and dinning room, so plenty of room when his kids and grandkids come to visit... as well when he gets ready to travel he just locks the door and goes... and the neighbors look after each other...so this is what he needed for himself...

He bought a home that was already on site, so not brand new by any means... it was a situation where the kids were selling their mom's retirement home... and he has done some upgrades himself, more like a hobby not a must do...