There are many beneficial ways you can save for retirement, and an IRA is one of them. An IRA, or Individual Retirement Account, is essentially a savings account with tax breaks. You are able to place your money in an IRA so you can invest it while saving for your retirement, and it’s typically something you do with your bank, a brokerage firm, or a mutual fund company. Furthermore, you can even contribute to your IRA whether you’re employed or not, which can be especially ideal if you’re out of a job or fully retired. 

There are plenty of reasons why you should at least consider getting an IRA, like the chance to make your money grow, the tax benefits involved, and the opportunity you have to watch your wealth build, which is a huge opportunity when you pair your IRA with a non-recourse loan. With a traditional IRA, you can make contributions with money you may be able to deduct on your tax return, and any earnings can potentially grow tax-deferred until you withdraw them in retirement. A Roth IRA gives you the chance to make contributions with money you’ve already paid taxes on and your money may potentially grow tax-free, with tax-free withdrawals in retirement. 

A self-directed IRA, however, can be used in tandem with a non-recourse loan, which has benefits of its own. A non-recourse loan favors the borrow because the borrow only loses their collateral, there is no recourse against you if you default, and your personal credit does not impact your chances of acquiring a non-recourse loan, and lastly, when you get a non-recourse loan with First Western Federal Savings bank, you get to work with the best non-recourse lenders in the nation. Speak with one of our representatives to learn more. 

In Times of Financial Uncertainty, You Are Safe

With non-recourse loans, the lender has to take the loss if there is a default on the loan. While the borrowed collateral is seized, there is no recourse on the borrower’s funds, possession, or funding sources. In times of uncertainty, this can be crucial in maintaining liquidity in your IRA as well as keeping your head above water while you spend your finances on needs to keep you safe. 

It can be a truly horrible feeling to know that you cannot meet loan obligations, and while defaulting on a non-recourse loan is never advised due to the impact on the borrower’s credit score, there may be less panic when you can no longer make a payment. Furthermore, when you open a non-recourse loan, your IRA owns it, not you. This means that you will not be held personally liable should anything happen over the life of the loan.  

When financial strain occurs, however, don’t hesitate to call First Western Federal Savings Bank. We have 40 years of experience and have emerged as one of the nation’s leading non-recourse loan providers! Contact one of our loan-lenders today if you are experiencing hardship or have questions — we will work with you to help you find the best solution. 

Non-Recourse Loans are Generally Offered on a Fixed-Rate Basis

While they are also available with floating rates, non-recourse loans are offered with a fixed interest rate. This means that when times are tough, your interest won’t be affected, and you don’t have to deal with fluctuating rates that make financial hardship even more difficult to navigate. 

Your Credit Score Isn’t Checked, But Your Credit History Is Evaluated

When you need financial assistance and your credit score keeps you from acquiring it, the stress can be overwhelming. Not in this case, however, as your credit score will not be checked when you apply for a non-recourse loan. This being said, however, when you apply for a non-recourse loan through First Western Federal Savings Bank, your credit history will be evaluated because it is important to assess how you pay off your debt. Your credit history will impact the loan, as we look at how well the loans were repaid. 

A Non-Recourse Loan Can Help Diversify Your Investments

First Western Federal Savings Bank helps people purchase real estate with their non-recourse loan and their self-directed IRA working in tandem. Residential property, commercial property, a multi-unit property, and agricultural property are all investment opportunities with a non-recourse loan and can help you diversify your portfolio, so the next time you are faced with financial uncertainty, you have liquidity from your investments that you can fall back on. 

Even if you’re facing uncertainty with a small amount of funds in your retirement savings, the potential for growth is unlimited. If you would like to know more about how you can use your non-recourse loan in tandem with your IRA, then contact us today.

You Get to Work with FWFSB

Lastly, one of the many benefits of applying for a non-recourse loan during this time is the chance you get to work with us. We take a client-centered approach to our work, listening carefully to your needs and concerns. Our decades of experience can act as a testament to how dedicated we are to serving our clients, as each loan request is evaluated by its own merits and our underwriting strategy is specialized to each loan. We view our customers as partners and work with them throughout the life of the loan to ensure it remains a sound investment for them. If you are interested in receiving a specialized loan, we are here to help! Speak with a non-recourse loan lender today.