Yorba Linda, CA (PRWEB) July 25, 2013 -- Sense Financial Services LLC introduces the Home Purchase Individual 401k Plan for qualified Florida residents. Retired investors and plan holders have the privilege to finance their real estate investment and home buying venture through their retirement account. This plan is quite different from Solo 401k. For instance, the Solo 401k allows the investor or account holder to borrow retirement funds to finance their purchase. The allowable amount to borrow and buy their primary residence is up to $50,000. Solo 401k accumulated balance is permitted to be borrowed any time and this amount could be utilized as their loan collateral. The 401k plan loans could be 50% of the account value or up to $50,000 whichever is less. The borrowed amount from the retirement fund is set for repayment over a 5-year amortization period or less. The frequency of payment for the loan must not be less than quarterly basis.
As one of the best 401k retirement companies, Sense Financial is proud to offer the Individual 401k Home Purchase Plan which has more flexible terms compared to a standard Solo 401k account. In this new retirementinvestment policy, the 401k plan loans are payable over 15-year amortization period for the purchase of primary residence in real estate. There is reasonable interest rate that plan holders are required to comply with in payment. The interest prime rate is on top of the 1% rate. Borrowers are required to pay a fixed interest rate based on the prime rate when they applied for the loan.
California residents are allowed to borrow from their personal retirement account or Solo 401k and utilize the funds for the purchase of primary residence. According to the legal experts at Sense Financial, the new Home Purchase Individual 401k plan is an exciting option for retired investors who want to purchase primary residence using their retirement account funds. The perks of the Solo 401k which are also available with the Home Purchase Plan include high deduction on tax contribution of up to $56,500 and tax-free benefits. Account holders could also explore other investment opportunities such as commercial papers, private and public stocks. Individual 401k plan holders could invest without getting custodian consent.
About Sense Financial Services:
Sense Financial is California's leading provider of retirement accounts with “Checkbook Control”: the Solo 401k and the Checkbook IRA. Over the years, they have assisted hundreds of clients obtain checkbook control over their retirement accounts while providing them with the ability to invest in virtually any investment class, including real estate, private lending, mortgage notes and much more without the need for custodian approval.
To learn more about the solutions they provide, please contact: (949) 228-9393.
Dmitriy Fomichenko, Sense Financial Services, (949) 228-9393, [email protected]