home equity loan tax deduction
Don't gamble away home equity on gambit
Q: We recently attended a mortgage-company workshop on "equity maximization," in which they touted putting the equity in your home to work earning income and building wealth.
They recommended refinancing to an interest-only loan and investing your equity, plus the difference due to your lower mortgage payments, in an insurance instrument plus side accounts.
The interest-only loan's tax deductions would help offset taxable 401(k) withdrawals.
Another key element was using a death-benefit insurance policy as a primary investment device that would encompass "side funds."
They stated that even IRA accounts could be legally rolled over, in time, to these side funds without tax liability. These funds would then become nontaxable accounts from which you could "borrow" funds monthly for living expenses, etc.
More home equity loan tax deduction info
Don't buy into hype: Equity is best left at home
Q: We recently attended a mortgage company workshop on ``equity maximization," in which they suggested putting the equity in your home to work earning income and building wealth.
They recommended refinancing to an interest-only loan and investing your equity, plus the difference due to your lower mortgage payments, in an insurance instrument plus side accounts.
The tax deductions on the interest-only loan deductions would help offset taxable 401(k) withdrawals. Another key element was using a death benefit insurance policy as a primary investment device that would encompass ``side funds."
They stated that even taxable individual retirement accounts could be legally rolled over, in time, to these side funds. These funds would then become non-taxable accounts from which you could ``borrow" funds monthly for living expenses, etc.