{"id":7657,"date":"2011-03-14T19:59:25","date_gmt":"2011-03-15T00:59:25","guid":{"rendered":"http:\/\/www.annuityfyi.com\/blog\/?p=432"},"modified":"2023-02-15T02:37:38","modified_gmt":"2023-02-15T02:37:38","slug":"real-world-scenarios-borrowing-from-annuity","status":"publish","type":"post","link":"https:\/\/www.annuityfyi.com\/blog\/2011\/03\/real-world-scenarios-borrowing-from-annuity\/","title":{"rendered":"Real World Scenarios: Borrowing From Annuity"},"content":{"rendered":"<p class=\"b\">Our series of questions from you continues.<\/p>\n<p class=\"b\"><strong>I am a teacher and have been contributing to a 403b tax \t\t\t\t\t\tsheltered <a title=\"annuity\" href=\"https:\/\/www.annuityfyi.com\/\" target=\"_blank\" rel=\"noopener\">annuity<\/a> (TSA) for nearly 20 years. I am interested in \t\t\t\t\t\tborrowing money from this account for a down-payment on a home. Is  \t\t\t\t\t\tthis possible, and if so, how does it work and what kind of terms  \t\t\t\t\t\tshould I expect? If not, can I transfer my 403b to another annuity  \t\t\t\t\t\tthat will allow me to borrow for this purpose?<\/strong><\/p>\n<p>Virtually all 403b plans provide for some type of loan provision, and \t\t\t\t\t\twill allow you to borrow your own money for fifteen to twenty years  \t\t\t\t\t\tat an average cost of 2% for the purchase of a personal residence.  \t\t\t\t\t\tMany plans also allow personal loans for any reason up to five years.  \t\t\t\t\t\tSpeak with your benefits administrator to double check the availability  \t\t\t\t\t\tof such loan provisions and the terms to make sure that you are comfortable  \t\t\t\t\t\twith them.<\/p>\n<p>Also, we would probably recommend that you consider taking advantage of a  \t\t\t\t\t\t90-24 provision, which allows you to move (without penalties or taxes)  \t\t\t\t\t\ta majority of your 403b \/ TSA to a newer and more competitive annuity  \t\t\t\t\t\tthat will offer more features and benefits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our series of questions from you continues. I am a teacher and have been contributing to a 403b tax sheltered annuity (TSA) for nearly 20 years. I am interested in borrowing money from this account for a down-payment on a home. Is this possible, and &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Real World Scenarios: Borrowing From Annuity\" class=\"read-more button\" href=\"https:\/\/www.annuityfyi.com\/blog\/2011\/03\/real-world-scenarios-borrowing-from-annuity\/#more-7657\" aria-label=\"Read more about Real World Scenarios: Borrowing From Annuity\">Read more<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55,227],"tags":[54],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts\/7657"}],"collection":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/comments?post=7657"}],"version-history":[{"count":1,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts\/7657\/revisions"}],"predecessor-version":[{"id":27517,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts\/7657\/revisions\/27517"}],"wp:attachment":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/media?parent=7657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/categories?post=7657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/tags?post=7657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}