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Path: utzoo!watmath!clyde!floyd!harpo!decvax!cca!rtc
From: rtc@cca.UUCP (Richard Carling)
Newsgroups: net.taxes
Subject: Can you borrow from an IRA?
Message-ID: <6845@cca.UUCP>
Date: Mon, 5-Mar-84 11:14:00 EST
Article-I.D.: cca.6845
Posted: Mon Mar  5 11:14:00 1984
Date-Received: Tue, 6-Mar-84 03:29:21 EST
Lines: 9


   A recent net.taxes message said that it was possible to borrow
against an IRA for up to 60 days. What institution lets you do this?
I would like to sack away $2000 each year in my IRA and then borrow
against it when needed  (using the IRA as collateral).  Instead of
paying 15-18% for an unsecured loan,  I would be paying only 12% or
less for a secured loan (assuming todays loan rates). Does anyplace
let you do this?  Is it legal?  And in general,  does anybody know
just what guidelines exist in this area.