If you are having a range of financial troubles, you can sell your annuity payments which can be a solution to solve these problems. If you are thinking of starting a small business, paying off debt or student loans or buying a house then using a part of your future payments can help you get back in control. When you face a serious need, accessing your annuity can be better than putting your life on hold. Sell your annuity payment and get money today, so you can improve your home or get the kids through college — without waiting.
Reasons to Sell Your Annuity Payments:
- Buying or repairing a home
- Starting or investing in a business
- Losing a job
- Paying off debt (credit card, student loans, medical, etc.)
- Inheriting an annuity
- Investing (property, stocks, retirement fund)
- Liquidate a long-term investment, such as a seller-financed private mortgage note
- Assisting friends or family in financial need
- Sustaining an injury
- Supporting an endowment or scholarship
- Funding a college education
- Buyer’s remorse
Mostly searched: Structured Settlements
If you sell a portion of your payments, you’ll continue receiving periodic income without losing the tax benefits. The structured settlement will continue to carry those tax benefits and extend them to your heirs in case you die before collecting all your payments.
Choosing to sell the entirety of your structured settlement for the full term of the contract means you’ll empty out your investment at once, ending any chance of periodic income payments in the future, but you’ll have a lump sum in your hands to invest.
- Lump Sum
Selling lump sums over time also gives you money now in large increments, but it still guarantees you’ll have a steady flow of income from your structured settlement for the term of the contract while carrying the same tax benefits as before.
While most annuities, including lottery winnings and structured settlements, can be sold, the law stipulates a few annuities are not eligible for sale. The following annuities cannot be sold:
- Veterans’ benefits
- Social Security benefits
- 401(k) or pension benefits
- Worker’s compensation payments
- Divorce settlement payments
- Child support payments
How Long It Takes To Sell Your Annuity Payments:
Selling your annuity payments is a legal process and it can take some time. For most of the cases, it takes from 45 to 60 days to complete the selling process. The time taken to sell your annuity payment may vary based on individual state laws. If you are in immediate need of cash, many companies pay small cash advance for the sellers.
How Much Will I Receive?
The amount of money you get from selling your future structured settlement payments depends on a few things. The first thing is the company with whom you choose to do business. Many potential sellers shop their future payments in search of the best up-front price.
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