Tips and Tricks for Getting an IRA Account

Non recourse financing real estate

Many Americans have their own financial struggles under their own unique circumstances. In this case, it becomes extremely helpful to learn more about how one can still use the IRA — Individual Retirement Account — to benefit them, even if they are currently experiencing financial duress.

Research from the Investment Company Institute reports that roughly 46 million Americans — approximately 39 percent of the nation — have their own IRA. Read on to learn more about the benefits of IRAs, their purposes and how obtaining an IRA loan can help you in the long run.

Some Brief Functions of IRAs:

  • IRAs can be used in a variety of ways. One of the most common ways that an IRA is utilized by Americans is with regards to medical expenses. Unreimbursed expenses can actually be paid with your IRA as long as the amount is more than 7.5 percent of your gross adjusted income.
  • Another helpful function of IRas is that the government has legally declared that first-time home buyers are allowed to use up to $10,000 of their IRA assets to buy, build or rebuild a primary home.

Self-Directed IRAs and Getting an IRA loan:

  • There are different types of IRAs. One of the kinds increasing in popularity is a self-directed IRA. Many self-directed IRAs are often used for real estate loans. Many people are choosing to utilize self directed ira real estate loans because all contributions to to an IRA account are tax-deductible.
  • IRA loans can be beneficial in many ways. When it comes to types of collateral, you can actually use an IRA loan and take out a mortgage loan for up to 30 years. How convenient is that?
  • People who have IRA loans and who have 30-40% down, are eligible to obtain loans on a condo, townhouse, a single-family home, an apartment building or even commercial property. The only condition, however, is that the rental income will generate positive cash flow.
  • Research from a multitude of sources have estimated that investors hold approximately $94 billion of IRA retirement funds in self-directed IRAs alone. Clearly, using an IRA loan or a self-directed IRA can be very fiscally beneficial.

If you still find yourself confused about IRAs, or are interested in getting one, there are many online websites and businesses that can help to further inform you or help you to set up your very own account. Once you have one, you won’t regret it.

Have you had any experiences with getting a self-directed IRA or an IRA loan? Tell us about it in the comments below!