Should I Use My 401k To Pay Off My Mortgage?

I got an email from a reader yesterday that asked:

“Hello Hank, I’ve been with my company for almost 20 years and I have over $1,000,000 in my 401k.  I am 45 years old and I have a house mortgage still of $295,000 for another 13 years paying about $2000 per month.  Would it make sense to get out of my mortgage and have that extra $2000 per month to put towards better investments?  I plan on working for 10-15 more years before retiring.  What do you think?  Is that a good idea?”  - Neville from Mississippi

Welp, where to start.  First of all Neville, GOOD JOB on putting away $1,000,000 in your 401k by 45!  That’s tough to do and the first million is always the hardest!  Which leads to point #1 (again, take it how you like, I’m not a professional, but this is what I’d do in this situation):
1.  The first million is the hardest to get!  It’s taken you 25 years to get there!  Do you have another 25 to wait?  Yes, I know you’ll only be taking out $295,000, but that off of $1,000,000 still knocks you down to $705,000, which isn’t bad at all, but to get back to the power of that $1,000,000 it’s going to take 6 years to get back there, and on top of that, the 705k in15 years investing 15k per year (3% inflation) is going to be a tidy $2,286,545 (click the image to enlarge)

700k with 15 years left
Now that’s not too bad at all, and I’m not knocking it – I hope to be somewhere around there soon too, but think if you leave that $1,000,000 in there for the next 15 years and add 15k per year at 3% inflation you’re looking at $3,077,503 (click the image to enlarge)

1mil-with-15-years.JPG

Doesn’t that look better?  By keeping that money there, you’re banking $790,958 MORE than by taking out the $295,000 that you “thought” you were taking out – but that’s only the beginning –

2.  The 401k is set up as a RETIREMENT account – you shouldn’t be dipping into that bucket, that’s what you set it up for, RETIREMENT, not “HOUSE PAYING OFF” – :)  You clearly make enough money to be able to put money away, so why cut the compounding interest short by hacking it into quarters?  It’s for retirement, I’d leave it that way!

3.  Taxes, taxes, taxes – You’re going to get raked over the coals taking out 401k $ now to pay for your house – not only are you going to have to claim the 401k money as income for the year, that’ll toss you into the highest possible IRS tax bracket at 35%!

Schedule Y-1 — Married Filing Jointly or Qualifying Widow(er)

If taxable income is over– But not over– The tax is: $0 $15,650 10% of the amount over $0
$15,650 $63,700 $1,565.00 plus 15% of the amount over 15,650
$63,700 $128,500 $8,772.50 plus 25% of the amount over 63,700
$128,500 $195,850 $24,972.50 plus 28% of the amount over 128,500
$195,850 $349,700 $43,830.50 plus 33% of the amount over 195,850
$349,700 no limit $94,601.00 plus 35% of the amount over 349,700

That’s a pretty penny to pay out, especially if you’re used to the 25% bracket you’ve been in.  An additional tax on an early distribution is 10% of the taxable amount. The taxable amount is also included in your taxable income. This 10% tax is in addition to regular income taxes.  So you’re giving 45% away right there to ol’ Uncle Sam.

4.  Your mortgage interest is a tax write off.  I don’t know how your mortgage is structured, but I DO know that when your mortgage is paid off, you won’t have that write off.

5.  Even if you DID have an extra $2000 to put somewhere each month instead of paying your mortgage, your nest egg is now at $705,000 and even if you put $2k more each month or 24k more per year on top of your 15k, for a total of 39k per year, you’re going to be sucking tailpipe to your $1,000,000 you would have had making regular distributions(click the image):
add-39k-per-year.JPG vs. 1mil-with-15-years.JPG

By putting $39,000 per year into an investment making 10% with 3% inflation, you’re going to bank only $2,920,604, which is $156,899 less than if you would have kept that $1,000,000 in there and made standard 401k donations.  If you never wanted to see that 157k extra, I guess it’s no big deal though.  :)

So ultimately I’m saying it’s probably not a great decision.  A few things you COULD do though:
1.  Ask your plan administrator if you can borrow against your 401k plan; take out a loan to pay off your mortgage, the money would still be working for you, but you’d have to pay it back, but that’d be better than just taking it out –
2.  Do you have a ROTH?  The tax benefits might be better (I strongly suggest NOT doing this) but you can take out the PRINCIPAL that you have put in to it at no tax consequence, but suggest against it – see response #1 at the top of this page and check out this post on it here.
3.  Just contribute $100-$200 more per month to your mortgage – it’s amazing what a few extra dollars per month will do to melt away the balance.  Ask Money&Happiness, BuildingEquity, LivingAlmostLarge, or MyMoneyBlog.

If anyone else has any info, feel free to share, but from my perspective, I think you’d be making a bad decision to take 401k money and use it towards your mortgage, but like I said, I’m no professional financial guru.  ;)

Filed Under: 401KadviceDebtfinancial educationHouseInvestingNet WorthPortfolioReaders RequestsReal EstateRetirementROTH IRA

  • http://moneyliving.blogspot.com moneymonk

    Good advice I would have said the same thing.

    First of all what is the rush? If he has a fixed rate mortgage. No need to rush to pay it off.

    He ia still young, therefore he can afford to wait.

    I say keep investing!

  • http://mytradersjournal.com/stock-options/ Alex – My Trader’s Journal

    Good advice all the way through. Another option if he insists on paying the mortgage off sooner is to stop paying into the 401k and put that after tax money towards the mortgage.
    The whole decision is if he’ll make more on his investments than he’ll pay on the loan + the tax write off.
    Personally, I make more in the market so I don’t overpay my mortgage. History is on the stay invested side.

  • http://mytradersjournal.com/stock-options/ Alex – My Trader’s Journal

    Good advice all the way through. Another option if he insists on paying the mortgage off sooner is to stop paying into the 401k and put that after tax money towards the mortgage.
    The whole decision is if he’ll make more on his investments than he’ll pay on the loan + the tax write off.
    Personally, I make more in the market so I don’t overpay my mortgage. History is on the stay invested side.

  • Neville

    Thanks for the feature Hank! I was pretty much on the same line of thinking, but I like to look at things from every angle because we’re talking about my nest egg here! The wife and I have been working hard on this for years and don’t want it to break too early! I have a feeling I know what the rest of the world is going to say, and I guess I just needed to see it all out in writing first to know!

  • http://www.lowest-rate-mortgage-finder.com Janni

    Many Americans are having a difficult time making mortgage or credit card payments, and we talk to people every day who thinking about borrowing against their retirement accounts to pay off their debts. While it might be tempting to pay off your credit card debt by borrowing against your 401k, you might want to re-think that strategy.

  • http://myinvestingblog.com kokoras

    There are many ways you can pay off your debt and bills before touching your 401K or your other retirement funds. When you are faced with bills and debts that are piled higher than your eyes, your vision and judgement can be heavily impaired, as if you are driving behind a SUV. The very first thing you should do is really look at your overall financial picture, determine your viable sources of money and decide if you should cash out your 401k to pay bills and your debt.

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  • http://iluvcontest.blogspot.com Sherry

    I am not really good in handling money and about mortgage too. I got to know my friend newly married have bought a new home and they need to pay off the mortgage in 20 years. Yeah long term but both are working so they will be just fine.

    Sherry’s last blog post..Advance Christmas Giveaway@Wonderful Things in Life

  • Rufus

    I agree with the general concepts about leaving your 401K intact, however after seeing my 401K lose over 40% in the last few months, and with the doomsday mentality in the media, I am seriously considering taking some 401K money to pay off my remaining mortgage. I’m 55 years old, so I would be penalized and taxed to the max.

    I’m anticipating losing another 40-50 percent on my 401K due to the falling economy – someone please explain to me why I shouldn’t use the money (even with the penalty) to become debt free by paying off the mortgage balance.

    Thanks!

  • Vickie

    Rufus, I’m right there with you! My husband is 53, I’m 52 and we have watched our 401K cut by 44%! Just as alarming is the fact that our income has also taken a huge hit at a whopping 36%. We are down to a mortgage balance of 44,000 and our retirement account now has a sad balance of 186,000 which of course will more than likely take more hits as time goes on. Additionally, we now are hearing that we my have no jobs at all by fall! So, bottom line is survival and we are seriously considering paying off our home with money from our 401K so we can at least survive if we have no income other than unemployment and our savings account. I challenge anyone to convince me that the roof over our head is not one of our biggest priorities! Personally, I think the current penalty on early withdraws should be eliminated during a time when so many people are without an income. A greedy government combined with greedy bankers and we have the disaster we see today. So……someone please explain to those of us in our 50 why we should risk being homeless and go through the mental torture we are being presented with. For goodness sakes, we are seeing people commit suicide over financial worries……..and someone wants to tell me we shouldn’t save our homes with money from our 401K? And then the government wants to penalize me for using money that is mine? Truly……..this is insanity at its worst.

  • Vickie

    One more thing…….we have no car payments and no credit card debt. But, living on unemployment for an extended period of time? I seriously don’t see how folks are doing it.

  • http://anothercontest.blogspot.com Sherry

    hi, come to wish you happy new year :)

    about mortgage I am not good with it.
    .-= Sherry´s last blog ..Christmas Memory Contest =-.

  • http://www.increasenow.com Pastor Jim Kibler

    I would say that if your interest rate is high pay it off. Your money is much better off being in your home right now.
    .-= Pastor Jim Kibler´s last blog ..links for relief =-.

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  • Mike

    10% rate of return on 401k long term? I’m seriously considering paying off my mortgage via my 401k. I’ve been a good conservative saver with only one debt. No credit card debt, no school debt, no car loan, etc. The government just allowed the banks to loot all of us. If I pay off my mortgage I will remove my 401k from the looters hands and stop paying interest. I’ll be like the rest of the US and plan on Social Security and some tiny savings account nest egg. Let the government take care of me down the road. Get on the bandwagon and help it collapse.

  • http://myinvestingblog.com hank

    @Mike – well that’s your choice certainly, but I think of it as “robbing Peter to pay Paul”. I don’t know your age, 401k amount or plan for retirement – so it’s tough for me to give any real advice beyond the fact that your 401k is for retirement, spend that now and you’re going to need to find a new way to fund your retirement…
    .-= hank´s last blog ..What Does It Mean When The Federal Reserve Cuts Interest Rates? =-.

  • http://forexautomoneyreview.info automoney

    I think you should try to pay off your debt and bills with other ways before touching your 401K or your other retirement funds.

  • http://myinvestingblog.com hank

    @automoney – agreed, but if you get to that point, it’s an option worth considering…
    .-= hank´s last blog ..Should I Buy a Loaded Mutual Fund? =-.

  • Joe

    It’s interesting to see how the comments before the market crash of 2008 are quite different from those after. Before it was all like: Don’t pay off your mortgage, just play the stock market and make loads of $, it always works!

    I also like the way that hank points out that you can write off your mortgage interest payments, but then he conveniently fails to mention that you will have to pay taxes on the interest you make from whatever investment you made instead of paying off your 401k. The two effects cancel. Thus “You can write off mortgage interest” is actually not a reason not to pay off your mortgage.

  • Joe

    > …instead of paying off your 401k…

    That should say “instead of paying off your mortgage”.

  • http://myinvestingblog.com hank

    Hey Joe, thanks for stopping by, and I’d have to say I agree with you. I must admit I didn’t think about the taxes paid on the investment… Good catch!

    All in all, I’d absolutely pay off my mortgage now if I could, but not with my 401k.

  • http://www.learn-stock-options-trading.com/ Trader Travis

    People generally only look at the investing side of the coin. I believe a debt free investor will beat a debt laden investor any day.

    Yes if he keeps his million in his 401K he will make a lot of money in the long run, BUT you have to subtract all the mortgage interest he paid to the bank from his profits to see if he will really come out ahead.

    And that is IF he makes an average return in his 401K which most people don’t. This last bear market was a wake up call for most.

  • Nortiz12

    I am of retirement age and can withdraw from my 401K without penalty. I own a small 4 plex investment roperty with a mortgage on it. I was wondering if there is a way to roll part of my 401K into the appartment complex as a qualifying realestate investment, without paying taxes on the money I've rolled over?

  • James E

    Hi Hank – what software did you use to make those calculations? I would love to use it for estimating my options!

  • http://pullyourexback.co.uk F Automoney

    You provide some graet advice, I agree with what your saying here. In a similar situation myself so will put this to use. Thnaks

  • Melinda

    Single Mom of two young children. Currently unemployed, thinking about paying off mortgage note of $95,000 with 401K. I only have $200,000 401k, but am concerned with monthly mortgage payments of $1200.00 plus everyhting else. What “if” I cannot find another job? What are my other options?

  • macandemme

    I over 70 1/2 years old with a retirement income of 2963.00 per month, and have a ira/401k worth 356k.
    My wife has an monthly income of 2500.00 with a ira/40k worth 237k.
    We owe 260k on our house. My wife wants to borrow 100k from her ira to pay off her mother's mortgage.
    How can I convince that this is a dumb idea?

  • Roquem

    I'm 67 retair and my wife is 46 (will work for another 10 yrs) we have a 6 year old child. I have 150,000.00 in a 401k and savings and 150000. Mortgage. I like to pay off the mortgage and save all that interest. any ideas?

  • Kevin @SoCal

    Unless I missed something in your article, you base your numbers on Neville withdrawing $295,000 from his 401K, to pay off his $295,000 mortgage. He'll have to withdraw a lot more than $295,000! I didn't see his gross income mentioned, but with a $1M 401K he's probably doing pretty well. So most or all of his 401K withdrawal will carry a Fed tax of 28%. That's on top of the 10% penalty. And in Mississippi he'll pay a flat 5% on that income.

    To pay off his $295K mortgage he has to NET $295K on his withdrawal, after the government has been fed. If my math is correct, he'll have to withdraw $518K (over half of his 401K) to net the $295K he wants. Re-calculate your numbers and graphs this way and it makes a dramatic change in everything. If I'm incorrect about this, someone please respond or flag me!

  • Kevin@SoCal

    While I'm at it … I found this article because I'm pondering an early withdrawal of about 10% of my $360,000 IRA, to pay off two credit card balances that have been eating money from me for four years. I took on these debts out of neccessity; I'd never paid a penny of credit-card interest until I was 45 years old and every payment chews at my gut a little more.

    There's no telling how long I'll be paying on these two debts unless I get rid of them completely, and my 401K is the only option I have. So for me, the decision is not completely about total dollars in or out. A lot of it has to do with piece of mind. And hard as I try, it's hard to put a price on that. And, of course, the numbers are very different from mortgage payoffs because credit-card debt is not deductible, not at low mortgage-level interest rates, and does not contribute to ownership of a roof over one's head.

    Another bite of food for thought: My sole proprietorship has taken a beating since 2008, so I'm in a sub-poverty tax bracket. :-( But that means the income tax on my 401K withdrawal will be very low right now. Then I can take the money I've been using to pay those credit card bills – money from income that is taxed a the same low levels right now – and put it into stable long-term investments. These won't be messed around with until my retirement, hence no tax implications until then.

    When I do dip into these investments I'll pay only capital gains taxes, which will (hopefully) still be at less than general income tax levels. Unless general income tax rates drop dramatically in 10-20 years (anyone think that'll happen?) I might very well come out ahead financially, while getting rid of the gawd-awful credit card payments. Comments welcome!

  • joe

    Hello, I appreciate your reply to the above and your opinion regarding my situation. At my age (59) I realize my small amount in the 401K is FAR below the numbers these other people are mentioning…plz allow me to get to the point. I believe the world financial situation will turn around-but- I wonder if it would be beneficial for me to take the tax hit (30%?…I am not cerain) & before possibly the economy turns even worse, and then take the majority of my small 401K and put it into my small Denver home…which obviously is tangible and will improve the worth/value. What do you think? Thank you. Joe

  • Guest

    that's awesome!

  • http://www.facebook.com/pages/Missed-Fortune/216538761701639 Dionne Daniel

    Totally agree about not taking anything from your 401(k), since it's not really that wise to touch investments while today's economics is still quite unstable, where prices go extremely low, then high the next week. Like Hank, I personally think it's wiser to take a loan to pay that mortgage rather than touching your 401(k).

  • Janice Smith

    You are so right ,I agree with you so much, I’am kind of in the same place, I am self employed so never know if its going to be good or bad income, my house is not paid off. I am single and with this econamy the way it is, I already lost over 100,000 thousand a couple years ago from my 401k, they talked me in to leaving it. and I would get it back. it came back a little but  now its happening again and i am thinking take it out and till this enconmy gets better then  put it back to grow for my retirment.Not let it set there and loose 2 or 3 thousand eevery week.  What do you think. I mean am I thinking straight.?       thanks Jan

  • Chuck

    10% on a 401(k)?  I’d love to get that!  I think that is a bad assumption.  I’ve done the math and for me, I net quite a bit more by paying off my mortgage, even after taxes and penalties, because of the snowball effect. Paying off my $85000 costs me about $35000 in taxes and penalties, but I save $10,000 in interest from my mortgage and have $2000 more in my pocket every month.  I take $1500 of that and make payments off a mortgage on a rental property, saving $45000 in interest and paying it off in 3.7 years instead of 20 years.  After 3.7 years, I have an extra $2600 more in my pocket every month.  $2000 from the 1st, and $600 from the rental.  Now I can put $600 in my pocket and pay $2000 off the next rental property mortgage (I have 3 rental properties).  Also remember that you will pay taxes from your 401k when you take it out.  Even if its at the lowest %, that’s 15%.  So, with plan A (pay off mortgage), I save $47,650 over the first 5 years (after paying the $35000 tax and penalty to access my 401k.  With plan B (do nothing), I pay about $16000 when I withdrawal that money eventually, plus any interest that I may lose in my 401(k), which right now is a very unknown quantity.  So +47,650 vs -15000 + lost compounded interest.

    One thing the author says is that you don’t get the mortgage deduction if you pay off your mortgage.  That’s true, but there is never a 100%+ tax on anything.  So, if the investment is sound, you’ll never pay more in taxes than you make.  For me, this makes sense.

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  • Joe

    I retire in 2 more yrs.  I have no depts all my bill are paid off.  The only dept hanging over my head right now is my mortgage pymt of 1083.00 per mth.  I owe approx. 80K on my home.  I have 2 pensions, my 401K, an inheirentance also in the bank.  What would be the best way to go.  I am losing having my money in the 401K my wife and I keep constant watch over it.  We have shuffled our funds around so we are more stable and not losing our rear ends off. 

    What’s the best suggestion we can do, I have also have had a couple health scares recently.  Sooner or later the morgage is going to have to be paid off.

    What’s your thoughts on this?

    Can’t decide,

    Joe

  • GreedyPoliticians

    Please don’t trust Wall Street, large banks or CFO’s/CEO’s of large companies.  I disagree with most of the people that have commented on here.  I do not believe that you can accumulate wealth via Wall Street in todays world.  Wall Street is loaded with corruption and greed.  If you figure out how much you are paying the banks monthly on your mortgage, you may change your mind.  I strongly encourage people to take out their 401k’s and pay off their mortgage.   

  • GreedyPoliticians

    A few other items to consider: imagine what the tax rate/% is going to be when you retire, as baby boomers retire they will continue to take their money out of the market causing a downward trend. The younger generations are consistently unemployed/underemployed, thus they are not financially able to contribute to their 401k’s. This also will cause a downward trend in the market.  Do you know what fees you are paying banks and advisors to invest your own money?  Wall Street is loaded with greed and corruption, the only person you can trust with your hard earned money is yourself!  Pay off your mortgage and have piece of mind.

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  • Eimesor1

    first of all it’s all about peace of mind.  your 401k money is not guarrenteed to be there the market could turn that million into 250k just when you are getting ready to retire. If you don’t believe it ask the million people who thought they only had one or 2 years till retirement in 2008. These people are still working hard. The only thing you can count on is the peace of mind of  owning a house free and clear. Then if you have extra you add it to your 401k and a roth ira

  • John W Clarke

    If the government really wanted to help the middle class. They would allow you to borrow from your IRA or 401K to pay off a first mortgage. Thier should be no tax or penalty from this transaction if you are 59 and a half or older. This would allow you to pay a much lower interest rate that would be returned to you. If the past 10 years are any indication of future returs on your investments you will be way ahead of the game. In the past 10 years the average investor has made no money or lost money on his investments. Because this is a win situation for the middle class our politians would never let this happen. As a wise man said ” the middle class AKA the working class always pays the freight. 
    John

  • Joey389

    How about seling your home and moving in to a much cheaper mortgage? Just a suggestion.

  • Hank

    Would love to if I wasn’t 100k underwater now!

  • http://pulse.yahoo.com/_MMQ6NAZY3VSEQZDGV7EVXOVAYQ Bud

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  • http://pulse.yahoo.com/_MMQ6NAZY3VSEQZDGV7EVXOVAYQ Bud

    First congratulations on having a million dollars in your 401k plan.  Your truly one of the 1% percent of people who will ever do that.  It’s obvious you were or are in an outstanding company  Now let me start by saying I’m no investment advisor.  Your question is best left to a professional.  Let me start  by saying that among the retired people in America the biggest expense they have is their home.  Thats right most retired folks spend more money on housing than anything else.  Medical bills come in second.  My gut reaction is to say pay off your home.  But I see other view points as well.  Is your 401k your only source of retirement funds or do you have a company pension or other investments?  How much longer do you plan to work?  Do you plan on retiring soon or a few years from now?  Finally cost of living has to be figured in as well.  What’s it going to take you and your family to live on for the rest of your life?  Remember if you don’t pay off your home you have to keep making those mortgage payments..  I mean a million dollars in some parts of the world is less valuable than it is in other parts of the world.  Hear is a simple example.  The cost of living is much higher in California than it is in Iowa!  A million dollars will let you live very well in Iowa but in California a million dollars buys less.  So talk to a professional but realize that nothing in the stock market is guaranteed.  You should be fine if you invest smart.  I mean if you have a million dollars in your 401k plan those funds should be in a less vilotile and safe segment of the 401k.  Again please don’t take the advice of anyone on this board.  Go to a professional. Good Day, Joe.

  • Janet

    Hi Kevin, My husband and I did the same thing that you are contemplating, and are glad we did, and are about to do it again. We borrowed from our 401K to pay off credit cards, and it saved us a bundle in interest, and we actually were earning 9%, paying ourselves back at that time when the crash happened! Now that our 401K balance has been replenished, our home has lost value, so we are looking to refinance. We need to knock out a small second mortgage because our loan to value is high. in a 1.5 years, when my husband turns 59 1/2, since it seems that we won’t be penalized 10%, if I understand it correctly. I agree with the first blog -peace of mind is truly “priceless”, especially when 401K ISN’T REAL MONEY, it’s potential money that could lose value in a day. As the greatest generation used to say, “A bird in the hand is worth two in the bush!” My Dad and Mom had good sense & still do! We could learn from them still! The Depression was partly caused by people borrowing to invested in the stock market. Paying off real bills with real money seems like the right thing to do! Best to you! 

  • Tessoto

    my mortage has balloned and i cant find anyone to refinance the loan….. TD Bank is threatening forclosure. I am 66 and have over one million in 401k… mortage payoff is 700,000. should i payoff this mortage? even though i will pay 35% income tax on the 401k money?

  • Stooltube

    If you have it, God bless you. Use it.
      Be your own bank.
    …Pay yourself Interest.

    And you dont pay penalty if paid back
    Within accepted time frame.

    401k Is your piggy bank that can get you out of mortgage interest prison.

    And to all the doubters….
    You cant guarantee returns of even 4% In the market today!!!!

    Invest In yourself.
    Use your own money.

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