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If your own
bank account isn't large enough, you have several options. For
example:
- Receive a
tax-free gift from your parents, or a relative documented by a
“gift letter” stating no repayment is required (thus your debt
burden in not increased). Some lenders require you to use
some of your own money in addition to the gift.
- Borrow against
a life insurance policy.
- Borrow against
a company pension plan.
- Cash in a
retirement savings plan (even though you may have to pay a penalty
for early withdrawal).
- Ask for a cash
payment from your employer instead of next year’s raises.
- Obtain an
advance on a future inheritance.
- Use your own
business as collateral.
- Team up with friends,
relatives or investors as partners in return for equity in your
home. (You can, if you like, buy them out later.)
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