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Real Estate
The Real Estate Adviser |
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September 11, 2008
The Real Estate Adviser: Reading the fine print on reverse mortgages
By Tom Kelly
Special to the Journal
Special to the Journal
In a recent column, we addressed the possibility of using an Individual Retirement Account to purchase investment real estate.
We pointed out that one of the challenges was that an IRA-leveraged loan is made to the IRA or plan, not to an individual and that rules preclude an owner from using his or her personal credit to influence the loan. These IRA loans are known as “non-recourse” loans, wherein the lender can only seek relief from the secured property in the event of default and foreclosure. The owner's other assets, such as stocks, bonds and insurance policies cannot be claimed.
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Previous columns:
- The Real Estate Adviser: Use your retirement funds to buy investment property, 09-04-2008
- The Real Estate Adviser: New housing bill reduces reverse mortgage fees, 08-28-2008
- The Real Estate Adviser: Consumer perception can move economic mountains, 08-21-2008
- The Real Estate Adviser: Hold off on vacation until your deal closes, 08-14-2008
- The Real Estate Adviser: Can lenders challenge loan data after closing?, 08-07-2008
- The Real Estate Adviser: Slower market magnifies agents' influential role, 07-31-2008
- The Real Estate Adviser: IndyMac raises old fears about reverse mortgages, 07-24-2008
- The Real Estate Adviser: ‘Option ARM-ageddon’: more loan trouble ahead, 07-17-2008