Owning a home is a substantial financial decision. When you buy a house, you are turning your living expenses into assets. Using your annuity lump sum can be a great way to secure an affordable mortgage. At We Pay More Funding, we specialize in helping annuity owners sell their annuity through a stress-free process. Our trusted experts will guide you through the entire process and legal requirements involved in selling annuity payments. With this, you can earn the cash you need immediately to buy your home.
What Is An Annuity?
An annuity is a fixed sum of money paid to someone periodically, typically for the rest of their life. It is a long-term investment with an insurance company designed to protect people from the risk of outliving their income. As a long-term contract, an annuity allows you to invest your money while you are working. In return, you will continue to get income in the form of regular payment after retirement. This is a financial product primarily used as an income stream for retirees.
How Does Annuities Work?
Annuity Works by converting your purchase payments (what you contribute) into periodic payments that can last for life. Many insurance companies that offer annuity allow you to choose from a number of possible options: you can invest a lump sum of money or contribute gradually over a period of time; you can start receiving payments immediately after investing a lump sum or at later day; and you can choose between fixed, variable and index rate of return.
An annuity is an excellent option for individuals who want to minimize the risk of outliving their salaries. It offers an alternative way to save when an individual has maxed out other tax-favored investments. Annuity will also help people who have less time to save to catch up on retirement savings. In addition to the opportunity for an income stream for life, an annuity offers potentials for tax-deferred growth. An annuity can also come to the rescue when there is an emergency: since it is your investment, you have the right to sell it and use the money to solve pressing issues.
Can I Use My Annuity To Buy A House?
Though it is a financial product, there are restrictions on what you can do with your annuity. It is possible to use your annuity to buy a house but you will certainly face some penalties. If you want to withdraw your money early and use it to buy a house, you will have to pay the surrender charges which typically decline with time. Surrender periods also vary, depending on your contract. Another option you may consider is selling your annuity and using the money to buy a house. The process involves forfeiting your annuity to a third-party.
Contact Us Today!
In case you want to know more about using your annuity to purchase a home or secure an affordable mortgage, contact us today at We Pay More Funding. Our dedicated representatives will be available to speak with you. We will provide suitable answers to your questions and concerns. A fantastic experience awaits you.Can I Use My Annuity To Buy A House