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Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
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Hello folks, I have a friend who needs to get cash out of annuity. Here's her situation, she has an annuity paying her $621/mo for the next 30 years, it's valued at $223,560- that's what's left. She needs cash now. She has an offer from a company for $40K now, for the next 20 years her payment will be reduced to $250/mo (so the deal maker will get the difference $621-$250=$371/mo x 20 years x 12 months = $89,040. So it looks like they stand to make about $49K. My assumption is they will probably flip it. No idea. She is in NC as the laws for this vary from state to state. I do not know anything about this, but my gut tells me there are better deals.
Hello folks, I have a friend who needs to get cash out of annuity. Here's her situation, she has an annuity paying her $621/mo for the next 30 years, it's valued at $223,560- that's what's left. She needs cash now. She has an offer from a company for $40K now, for the next 20 years her payment will be reduced to $250/mo (so the deal maker will get the difference $621-$250=$371/mo x 20 years x 12 months = $89,040. So it looks like they stand to make about $49K. My assumption is they will probably flip it. No idea. She is in NC as the laws for this vary from state to state. I do not know anything about this, but my gut tells me there are better deals.
Can anyone take a look and provide your thoughts?
Thanks
First off how would anyone count on your friend to give them their cut every month? the insurance company wont allow it because the amount is based on your friends age and whether male or female. all bets are off for the insurance company doing this so it has to be a private under the table deal based on your friends life time.
what if they die?.
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