using IRA to buy primary residence

Hi Terry…I am 67 yrs. old and retired. I want to sell my old house and use money from my IRA to buy a new house. Can I do it this way?

Terry Says:  Your IRA cannot OWN your primary residence.  (Check my archives at my website from about a year ago to read about owning real estate inside your IRA.  You need an independent trustee.  And, you cannot PERSONALLY benefit from the ownership, except collecting the rent!)

Of course, you could liquidate your IRA to buy a home.  There is no penalty at your age. But that means you must pay taxes on all that accumulated money — and lose all future tax-deferred growth.  You wouldn’t want to do that!