"Even if the real-estate agent is unwilling to extend a loan, which is understandable, by the way, he or she may be able to direct you to available financing."
"I read that you can take money out of your IRA to use toward the purchase of a home," I noted. "Is that a better idea?"
"You can," Roy responded, "but you'll recall our dis-cussion last month when we talked about using your re-tirement money for other purposes. The same thoughts apply here. Also know that while you may not be penalized for taking money out of your IRA early—as long as you meet the requirements—you still will owe regular income taxes on the amount distributed.
"It's not easy for young people to buy a house these days. Yet, somehow, most of them manage to do it and get by just fine. I don't think this problem is new; I think it's just getting more press now because young people today think that when they leave their parents' nests, by some divine right they should move directly into an air-conditioned birdhouse. Ah, if only life were that easy!"
"I hate to admit it, Roy, but you're right about me and my contemporaries. We do tend to have high and often unrealistic expectations. Fortunately, some of us are doing our best to learn how to not only meet those expectations, but to surpass them . . . with your help of course," I thanked him indirectly.
"Next month?" Tom prompted.
"Saving, spending, and credit management."
"Gee, Cathy could be a guest expert on one of those three," Tom said over his shoulder as we left the shop.