People often sell structured settlement annuities because they want the cash now rather than later. A loan is a viable option to selling a structured settlement but is not the preferred choice. Loans occasionally come with high interest rates, and then you must use the monthly annuity payment to pay back the loan.
The Structured Settlement No Longer Meets Your Needs
Many people decide to sell structured settlement annuities when the monthly payments no longer meet their specific needs. The best example of this is when the payments were being received by a minor involved in an event. If they take on a full-time job as an adult, they often don’t need the monthly payment and would prefer a large lump sum.
Other Reasons to Sell a Structured Settlement
There are numerous reasons why a person might wish to sell structured settlement annuities, and none of them are wrong. In many cases, people find that the small monthly payments aren’t working for their current needs. By selling the structured annuity, they receive a lump sum that allows them to meet their specific needs.
Investing is one of the more popular reasons why people prefer a lump sum. Some people use the large cash payment to start their own business or invest that money into their current business. Others will invest in stocks, bonds, retirement accounts, or property. Other reasons to sell a structured settlement are to help pay off debt, remodel a home, or put a down payment on a home.
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