Updated about 5 years ago on . Most recent reply
Using Annuity loan for first deal
I am very new to this and I wanted to pose a scenario.
I am a Union Ironworker in New York City. As part of our Benefits package, our employers pay into an annuity fund for us. Our union allows us to take loans up to 50k to purchase things like property.
Another benefit we have is the employer also pays into a fund called the "vacation fund". We usually get this money yearly.
Loans from the annuity are payed for quarterly from our vacation fund.
All this has got me thinking, What if I took a loan from my annuity to buy a house that was in the 25k-40k range. It would almost feel like buying it cash since I would never see the money come out as a bill.
Since I'm very new to this, I'm asking for questions and concerns that this community might have. Questions I should be asking myself. Anything that could help.