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Pjwest
Dud?


Joined: 10 Feb 2012
Posts: 1
Location: Prescott

Use of IRA distributions
PostPosted: Fri Feb 10, 2012 7:01 pm Reply with quoteBack to top

I have a loan turned down because the borrowers current sole source of income is IRA distributions and he is not of retirement age. However, this IRA was inherited from his mother and he is required to take a minimum of $53,000 a year and the fund has over a million in it. Does anyone think this is a misinterpretation of the rule that you cannot use IRA distribution if the borrower is not of retirement age.
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