Allow seniors over 59 and 1/2 years of age draw from their 401k's at a capital gains rate of 8% to pay off the mortgage of their primary residence in total.
Why is this important?
It is about helping seniors become more secure by being able to use their 401K's to pay off 1st mortgages at a much reduced capitol gains tax rate. It would free up much money to the banks and at the same time be veiwed as giving a break to seniors who have kept their mortgage contract agreement. Up until now the only ones given a break are the banks. Freeing up much money should spur more competition amongst lenders which should lower interest rates. This would also help seniors with medical expences.
