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I need help finding a plop loan
06-28-2012, 09:37 AM
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#1
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Confused about dryer sheets
Join Date: Jun 2012
Location: cleveland
Posts: 1
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I need help finding a plop loan
I'm about to retire from public school teaching in Ohio. I need a four month loan to pay off buying four years of public school teaching. I will receive a plop check of $80,000 from the retirement system 90 days after I retire. I need a loan of 42K. Anyone got any suggestions? My teacher credit union said no. My mortgage is under water.
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06-28-2012, 09:53 AM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Posts: 17,237
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Since the CU usually is the most leinient in lending, if they say no I think you will not get one....
Have you thought about CCs? They have high interest rates, but if you are going to pay it off in a few months it might be worth it to you.
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06-28-2012, 09:56 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,888
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Can you really afford to retire with an underwater mortgage and not having a liquid $42,000?
-ERD50
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06-28-2012, 09:58 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Posts: 17,237
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 Quote:
Originally Posted by ERD50
Can you really afford to retire with an underwater mortgage and not having a liquid $42,000?
-ERD50
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It is according to how many years he (she?) worked.... heck, he could be getting close to 100% of his salary if he worked long enough...
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06-28-2012, 10:01 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,362
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I like Texas Proud's CC idea, but do you have any other assets that could be used as collateral?
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06-28-2012, 10:17 AM
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#6
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Recycles dryer sheets
Join Date: Nov 2010
Posts: 110
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Do you have anything in tax free accounts? I know when my DW had to purchase time before ER she used some 457 funds to keep the tax advantage. I would think that that option would be open to you if you have the funds in a 401, IRA, or 457. If not the CC option may be out there for you.
T-bird
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06-28-2012, 10:19 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by ERD50
Can you really afford to retire with an underwater mortgage and not having a liquid $42,000?
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If they have a COLA'd pension that exceeds their income needs (even with the mortgage) and have their health insurance situation under control, sure. Plenty of people have done this.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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06-28-2012, 10:42 AM
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#8
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Full time employment: Posting here.
Join Date: Apr 2011
Posts: 625
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Quote:
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Originally Posted by T-bird
Do you have anything in tax free accounts? I know when my DW had to purchase time before ER she used some 457 funds to keep the tax advantage. I would think that that option would be open to you if you have the funds in a 401, IRA, or 457. If not the CC option may be out there for you.
T-bird
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This would be ideal, and even if you have the money liquid you may want to contribute the max to a retirement account and purchase part with that, for the tax benefits.
I'm a teacher as well, and purchasing years can be done from a tax free account (at least in my state) such as a 403b or 457.
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