I am nypd officer that is going to retire in 4 years, and would like to own my first home b-4 i retire. anyone with knowlegde about this please let me know. is it possible to get a loan from my 457plan?
Answers:
Unfortunately 457 plans do not allow for the purchase of home like a 401(k) or a IRA would.
I just bought a house last year with funds from a 457 and had to pay the penalty on the withdrawl.
I'm not extremely familiar with a 457 but I assume that it works similar to a 401(k). If that is indeed the case, yes, you can take a loan against it. The repayment rate will probably be based on the amount and the current rate of return that you have on the 457. Consult your HR department or your plan administrator for the correct terms of a 457 loan.
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