Allow seniors to withdraw funds from IRA's one time without federal income tax burden to be used only to pay off or reduce mortgage on primary residence. Home values have plummeted, and retirement accounts have shrunk. Mortgage debt is the biggest burden facing seniors. Currently, to withdraw funds from my IRA to pay off my $140K mortgage would cost an additional 25% in income taxes. I would love to eliminate the $1,285.00 monthly payment but having to pay approximately $35K in federal taxes is just too much to allow me to do so.
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