I am 70. My house is paid off but I have a reverse mortgage with a line of credit of $53,000. I need a new roof. Is it better to take the money from the reverse mortgqge or my 401k which has a balance of $139,000.
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When you payback your loan to your 401k you payback interest to yourself. If you take that loan out with your reverse mortgage you pay interest to the lender. I have taken loans out on my 401k and I have made money paying myself back!
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I have taken loans out on my 401k and I have made money paying myself back!