Selling an annuity payment?
i was in a accident when i was a child and i ended up getting a insurance settlement from symetra financial i was thinking about selling one of my payments that is due in 2017 the amount due is 93,000 but they only are offering me 33500 i calculated the present value with the fed rate at 3.60 and the present value is 69,467.03 is there a way i can get that amount? since the 93,000 is guaranteed
also he guaranteed me that i could buy a condo… im in the miami area only problem is im only 21 and make less than 7000 per year. and i have bad credit. i dont see how i would be approved
You’re going to have a hard time finding someone that’s willing to make 3.6% on an 9 year loan. The companies that buy annuities want to make some money off of the deal, they probably are calculating closer to a 12% return for themselves, which would pay for their operating expenses, and commissions to their buyers, and profit for their investors.
I agree with you, you will likely have a hard time finding a condo in the Miami area for that little money. There are certainly parts of the country where you could get a condo for $30,000. Keep in mind that the guy at the company trying to buy your annuity is likely to make a nice commission if he convinces you to sell, so he’ll tell you many things that may or may not be entirely true.
I hope that helps.
I see a disconnect in someone at a firm in the business of buying annuity payments making a guarantee around mortgage and real estate. It seems like a smarmy sales tactic to me.
There are many companies out there in the business of buying structured settlements, it might be worth to shop around for a better deal – however, these companies know their demographic and in general it is a person that didn’t have great sums of money, wins a structured settlement (cha ching, dollar signs in their eyes), and they can pull off writing a little check now to get a bigger payday later. Excellent job that you can figure future value – you seem not the average type these companies pray on. Work it backwards with them . . they offer you 33M, come back with whatever you’ll take – like 66M and see what they say. Worst case scenario is no deal.