It is tucked away for this purpose only and not to purchase anything new, I would use it for
a sudden house repair that had to be done, new roof or leaky windows that would cause my utility bills to go up.
Not exact matches
That means if an unexpected emergency expense comes up (like your car or
house needs
sudden repairs), you can postpone paying off your credit card balance for a month or two to free up funds that can cover the more - pressing issue.
Some might be simple but
sudden expenses such as
house repairs or even the car needing a new battery.
This 10 % penalty charge, however, may be waived even if you are younger than 59 years and 6 months if you are borrowing to buy your first
house, paying for medical expenses due to a
sudden disability, expenses for higher - education for self or your offspring, paying to avoid foreclosure or eviction, getting your
house repaired after a natural calamity has damaged it, for funeral expenses of a spouse, parent or child, or your employment is terminated when you are 55 years of age.
However, if you are struck with disaster, all of a
sudden your nest egg is being spent on
repairs and replacements to your furniture, your clothing and your electronics rather than on a down payment on a new
house.
If you are facing a disaster and are without coverage, then all of a
sudden your hard earned money will be spend replacing and
repairing your items rather than putting a down payment down on a
house.