2018.09.28 13:13 | Sean Carter
Are you having money trouble or are in need of money to take advantage of a new opportunity? When all else fails, you may have an option if you own annuity payments. The idea behind annuity payments is that you keep them over the long run to ensure you have a stable retirement. You may get annuity payments through an investment product, a lawsuit, gambling winnings, or though your employer.
Annuity payments are paid out to you depending on the terms you agreed to in the formation of the annuity with the insurance company that insured it. You could have it paid out to you over the course of your life after a certain age, have a beneficiary in the event that you pass away, or receive a variable rate instead of a fixed rate if you prefer that. There are so many different options available, but you have to make sure you get it to exactly as you like it because it's very hard to get out of an annuity once you have signed the contract.
You cannot, for example, sell your annuity back for the full amount you put into it. That's not how it works. However, you can sell your annuity payments to a third-party if you so desire. If you decide to go this route, make sure you are doing it for a viable reason. If you don't need the money, don't sell your annuity payments as you won't make back the fall value of the annuity. The reasons why it might make sense for selling your annuity payments include selling your payments to pay off high-interest debt, cover tuition if you or a family member decides to go to school, pay for a repair bill, etc.
If you absolutely need to sell your annuity payments, look for factoring companies that will offer you top dollar. Get quotes from several companies and inquire about their payment methods and how the process works. If you feel at any time that you are not hearing the full story, don't feel obligated to choose them. There are so many different companies out there. It might be a good idea to check reviews as well to see which companies people have had a good experience with.