CARES ACT-Using 457b to Purchase a Primary Residence
Hello, everyone!
I am a teacher about 11 years away from early retirement. I am considering taking $50k out of my 457b plan to help me put a very large down payment (including equity from a home sold last year) on a primary residence. I’d like to purchase in a few months but it could be longer. They money would stay in a high interest savings account until the home purchase. Is there another option?
In the short term, I want to be able to afford my bills. Having a very low mortgage and a roommate would make it possible to stay in my home and take a lower paying job if I had to.
In the long term, I may stay in the home or I may rent it out and move into a condo or townhome. I live in Fort Collins, Colorado where the rental market is good (I've heard). I would most likely have the home paid off in 5 to 10 years. In addition to the 457b, I have a pension and a Roth IRA and feel I'll be okay in retirement.
I don’t know if this is the smartest move but I want to feel secure in the short term as well as the long term. Any advice you could give me would be so appreciated.
Thank you!