Buying a home using retirement savings? Financial expert weighs in...

 

Nearly 1 in 10 American homeowners say they pulled money from their retirement savings to cover the down payment and closing costs associated with buying their house.

A recent survey by Bankrate found that 9% of homeowners withdrew from their 401(k) or other retirement account to make the purchase, and younger generations were most likely to do so.

But is it a smart financial move?

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