I need help finding a plop loan

[gcielec]

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.

 

[Texas Proud]

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.

 

[ERD50]

Can you really afford to retire with an underwater mortgage and not having a liquid $42,000?

-ERD50

 

[Texas Proud]

Can you really afford to retire with an underwater mortgage and not having a liquid $42,000?

-ERD50

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...

 

[pb4uski]

I like Texas Proud's CC idea, but do you have any other assets that could be used as collateral?

 

[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

 

[ziggy29]

Can you really afford to retire with an underwater mortgage and not having a liquid $42,000?

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.

 

[arebelspy]

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

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.