If you have been shopping around for the perfect home, you may start to think of the ways that you can fund it. If you wonder can I use my structured settlement to buy a house, then you are not alone. If you do have a structured settlement, you need to know that you are not required by law to disclose such income to any mortgage lender, but the payments that you receive may help you to get the loan qualification that you are looking for. You should know that you can also think about selling some of your future payments as a way to get a lump sum to purchase your home.
What Is A Structured Settlement Loan?
While there is technically no such thing as a structured settlement loan, you can work with a reputable company to purchase the future payments that you have coming to you. Basically speaking, a structured settlement is not a loan. It is an amount that is negotiated where the claimant agrees to resolve a claim by getting a portion of or all of a settlement by way of periodic payments that come on a schedule that is agreed upon. This is done instead of their being a lump sum payment.
Is A Structured Settlement Considered Income?
Have you been wondering can I use my structured settlement to buy a house? Many people are unsure as to whether or not this can be considered the income that you can use for purchasing a home. If you have structured settlement payments, they do not count as income when you are filing your taxes, even if you have a structured settlement that can gain interest over a certain period. These payments are not going to fluctuate in the financial markets much like you would have when it comes to mutual funds, bonds, and stocks. Furthermore, the insurance company that has issued a structured settlement will guarantee all of the payments.
Can You Cash Out A Structured Settlement?
When you have a structured settlement as a result of a lawsuit or a personal injury that you have suffered, you might have the chance to cash out your settlement. Many people like to take this option to get a sort of lump sum rather than having to wait over a long period of time to get the money that they are entitled to. While many people like to consider this to be a type of loan, this is primarily selling off your future payments as a way to get the money that you need now rather than later.
Do you still have questions and keep asking yourself can I use my structured settlement to buy a house? We are more than happy to go over the details with you when you get in touch with us at We Pay More Funding. Our team can go over all of the features of structured settlements and help you to understand all of the best options that are available so that you can get the most out of the money that you have coming to you.Can I Use My Structured Settlement To Buy A House