People receive annuity payments for a variety of different reasons. Who knows, they may have been one of the lucky ones to win one of the state lotteries. Or, they could have received a large settlement in a court case that they won. Or, maybe it was that they received an inheritance from a loved one who has passed away. In any case, more people receive annuity payments than what you think.
You don’t have to wait you entire lifetime to receive the total value of your specific payment. More than likely your settlement was structured to where you receive a monthly payment until the total sum has been paid. However, it is also very likely that you are wondering how to sell this payment in order to receive your well deserved cash right now.
There are several reasons why one might want to sell these payments. Structured as a monthly payment, the income might not be enough for one to adequately put a down payment on a home or to purchase that new car without going into debt. Therefore, many people look for a way to sell annuity payments so that they can get their large amount of cash now, instead of having to wait.
Here are a few tips on how to sell annuity payments:
1.Before deciding to sell your these payments, you will want to contact your attorney or Certified Public Accountant (CPA) in order to see if the annuity can even be sold and how it will affect you financially by doing so. By realizing what the implications are of selling your annuity payments, you will better be able to make an informed decision on the matter, and then accurately decide whether or not to sell annuity payments.
2.Get quotes from several different companies that purchase these types of payments. When you decide to sell your payments, you do not have to go with the first agency. When a company offers to purchase your monthly annuities, they don’t give you the full amount. They only offer you a percentage; that’s how they make their money. So, each company could offer a different finalized amount that they would be willing to pay for your payments whenever you do decide to sell these payments. Therefore, by obtaining several quotes on your selling the payments on your annuity, you just might find that you would receive more money in the end by going with one company over another.
3.You have to make sure to watch out for yourself and your finances. No one else is going to do this for you. Make sure that you research all of the ins and outs of how to sell annuity payments before making a final decision on the matter. This is a large sum of money that you are receiving; however, that tends to bring the “bugs” out of the woodwork; meaning some companies may be looking to take advantage of you when and if you are desperate to see annuity payments.