|
||||
|
The days when you needed a 20 percent down payment and borrowed the rest from
the bank down the street are long gone. Mortgage writers offer a number of
nontraditional arrangements these days, customizable by type of retirement loan, number of
loans and down payment variations. The catch: Most require at least some down
payment or the ability to pay closing costs, or both. If all your money is tied
up in a business or in other investments, you might be left on the outside
looking in for a retirement loan. Some of the more obvious assets you have may include your company's cash flow, personal credit cards and your individual retirement account. In addition, you may also be able to get a retirement loan borrow on the strength of your character, management experience and customer contracts.
http://www.veteranpensionloan.com/ http://www.veteranbusinessloan.org/
The Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001, which
was signed into law on June 7, 2001, provides the largest tax cut in more than
20 years and primarily benefits individuals for a retirement loan, rather than corporations. More than
one-third of the tax cuts provided by the act relate to retirement loan plans and
individual retirement accounts (IRAs). As a result of these changes, taxpayers
and employers will have greater opportunities to use these tax-favored plans.
Many of the provisions of this law take effect in 2002. This change in the law, along with the repeal of the combined-plan limit that
took effect in 2000, will allow employers to substantially increase the amount
of benefits that can be provided under qualified plans. An employee considering
retirement this year may want to evaluate whether there would be any benefit in
delaying a retirement loan. |
||||