If you’re receiving structured settlement payments in the form of annuity payments, you may have considered the option of selling your future annuity payments for a lump sum of cash. Everyone has their own reasons for selling their payments; this is typically a personal decision that someone makes to meet specific financial goals. Although these reasons can vary, some of the most popular reasons that people sell annuity payments include to:
Buying a home can be an exciting milestone, especially if it is your first home purchase. But between down payments and closing costs, homebuyers quickly realize just how big of a purchase it is. Even with a mortgage, the majority of home loans typically require some money upfront, with down payments typically ranging anywhere from three to 20 percent of the home’s sale price, and closing costs averaging out at three to five percent of the total lo an cost. Although the amounts will vary based on several factors, such as credit score, type of loan, and other considerations, some homebuyers are blindsided by how much money they need upfront before they can secure a mortgage for their home purchase. Even if you are fully prepared for the money you need upfront to buy a home, others prefer to have more cash to put down to lock in lower monthly mortgage payments. If you choose to sell annuity payments for a lump sum, you may be able to easily get the cash you need to make your dreams of homeownership a reality.
Maybe you already own a home, but it’s a bit outdated and you’ve had plans for a while now to renovate. Selling your future payments can be the key to turning your current home into the home that meets all your needs with the right renovation projects. Perhaps it’s just a single room you need to renovate, such as your kitchen or master bathroom. Maybe there are projects you’ve been putting on hold since you purchased your home, such as finishing your basement or attic for extra space. Some homeowners even need to build on to their existing home years later to add more livable square footage, such as adding an extra office, bedroom, sunroom, or even a separate guest house. When you sell annuity payments for a larger lump sum, you have a lot more available opportunities to create the home that meets your needs.
Housing costs aside, car payments are easily one of the largest monthly bills that consumers have, with the average new car payment reportedly being $554 monthly. Just like with any type of loan, financing a car also ultimately means paying more for it over the long term when you factor in the interest that you’re paying. Between auto insurance costs, regular maintenance, fuel, and other expenses, owning a car can be costly overall. If you’re looking to remove a significant part of the equation, consider the benefits of eliminating car payments altogether and purchasing a car upfront, without taking out a loan. If you decide to sell annuity payments and receive a lump sum of cash, you’ll have the opportunity to turn around and use that cash to buy a car.
A college education is an important investment. Many people want to make this investment for their future, but financial challenges hold them back from pursuing their dreams. Even at a public state level, college tuition and other expenses can be very costly, and some people ultimately must take out student loans in order to have a chance at going to school. For others, the thought of taking out these substantial loans is intimidating, and understandably so. It has been reported that the average college graduate has $30,000 in student loan debt and that it takes approximately 18.5 years to fully pay back student loans. Some borrowers are unable to ever fully pay back what they’ve borrowed, ultimately ruining their credit scores before they even had a chance to build them up. If you’re receiving annuity payments, however, you may be able to sell annuity payments to help cut down on the amount you borrow or avoid student loans altogether. Don’t give up on your dreams of going to college or sending your son or daughter off to the school of their choice: sell annuity payments and use your lump sum to fund a college education.
Are you ready to get started on selling your annuity payments for a lump sum of cash? Whether you want to sell all or a portion of your annuity payments, we’re available to help you go over the different options, as well as provide you with a free quote. Contact us today to find out more about the process and to get started!