Heloc-pay off 401k loan

Financial Planning - Financial planning in general. (Moderated) 

  Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date Heloc-pay off 401k loan Marty 08-02-2007  Re: Heloc-pay off 401k loan Justin 08-02-2007  Re: Heloc-pay off 401k loan Thumper 08-02-2007  Re: Heloc-pay off 401k loan joetaxpayer 08-02-2007
Posted by Marty on August 2, 2007, 1:35 pm Hi Group Can a person apply for an equity line of credit to pay off a 401k loan if one loses his(her) job? The 401k loan is already reality with 3 years left on the balance.Losing the job could be in two months, two years, in between,or never. I know the key would be to take out the line before one loses the job.Right? Are their any fees(upfront or annual) involved if one ends up not using the line? Thanks ~Marty~ Posted by Justin on August 2, 2007, 2:15 pm Marty wrote on [Thu, 2 Aug 2007 12:35:01 -0500]: > Hi Group > > Can a person apply for an equity line of credit to pay off a 401k loan > if one loses his(her) job? The 401k loan is already reality with 3 years > left on the balance.Losing the job could be in two months, two years, in > between,or never. > > I know the key would be to take out the line before one loses the > job.Right? Are their any fees(upfront or annual) involved if one ends up > not using the line? http://socialize.morningstar.com/NewSocialize/Asp/FullConv.asp?forumId=F100000015&convId=204126 Posted by Thumper on August 2, 2007, 5:17 pm wrote: >Marty wrote on [Thu, 2 Aug 2007 12:35:01 -0500]: >> Hi Group >> >> Can a person apply for an equity line of credit to pay off a 401k loan >> if one loses his(her) job? The 401k loan is already reality with 3 years >> left on the balance.Losing the job could be in two months, two years, in >> between,or never. >> >> I know the key would be to take out the line before one loses the >> job.Right? Are their any fees(upfront or annual) involved if one ends up >> not using the line? > >http://socialize.morningstar.com/NewSocialize/Asp/FullConv.asp?forumId=F100000015&convId=204126 Are you asking a tax question? You can do what you want with your line of credit. There can be tax consequences though. Thumper Posted by joetaxpayer on August 2, 2007, 3:20 pm Marty wrote: > Hi Group > > Can a person apply for an equity line of credit to pay off a 401k loan > if one loses his(her) job? The 401k loan is already reality with 3 years > left on the balance.Losing the job could be in two months, two years, in > between,or never. > > I know the key would be to take out the line before one loses the > job.Right? Are their any fees(upfront or annual) involved if one ends up > not using the line? My HELOC had no opening fees at all, as I set it up with the same bank as the first mortgage. $50/year fee. Good idea to set this up now, it's far tougher to get a decent rate when jobless. JOE Similar Threads Posted Re: Heloc-pay off 401k loan August 6, 2007, 11:28 am Using 401K as a bridge loan for house purchase June 9, 2007, 12:02 pm Vehicle Loan vs Home Equity Loan April 23, 2007, 1:35 pm What to pay off first--student loan vs. car loan April 7, 2007, 6:37 am Using low-ratio loan to pay-off a higher-ratio loan December 10, 2006, 1:46 pm 401(k) loan April 10, 2007, 5:11 pm Loan or Not April 30, 2007, 3:42 pm Need Advice as to Which Loan to Pay Down March 6, 2007, 4:07 pm Payoff Loan June 21, 2007, 10:23 am HELOC or Loan? April 7, 2008, 5:25 am