Most people have dreamed of winning a big lottery jackpot like the Mega Millions lottery. Playing the lottery has been shown to be the most popular way to gamble in the United States. It is so easy to buy a ticket at the local convenience store when you are getting other items. The main problem is that most people do not realize that they will not get one giant check for millions of dollars. The Mega Millions jackpot pays one big payment and then it that is followed by 29 annual payments. Each payment is about 5% more than the payment that went before it. This arrangement works for a lot of people. It does not work for everyone. Some people sell. If you think you need your cash sooner than you will get it under your agreement, you may want to sell your structured settlement and get cash now.
5 Reasons to Sell Structured Settlement Payments:
- Save your home from foreclosure. If you own your own home but have gotten behind on your mortgage payments, you may be facing foreclosure. If you sell your structured settlements, you will be able to save your home from foreclosure. This is one of the best reasons to sell an annuity.
- Get your dream home. If you want to buy a new home, and this is a great investment in your future, you will be able to do that. You can either buy a new home without a mortgage or have enough to put down so that your mortgage interest rates will be much better. This can also be a great way to remodel your current home to turn it into the home of your dreams. You may have repairs you need to make. Maybe you need a new roof. Selling your annuity to literally put a new roof over your family’s heads is a great reason to sell.
- Avoid filing for bankruptcy. At least 20% of all Americans are in “debt hardship” and have trouble paying their bills each month. If that describes you, you may want to sell your annuity payments to avoid this. In February 2015, more than three thousand people filed for bankruptcy every day. This is nothing to be ashamed of but is a good thing to avoid if you can. There are few reasons that are better to sell your structured settlements.
- Pay for medical bills. If you or someone you love has become really ill and you know you have medical bills to pay, you may want to sell your structured settlements to take care of that. There are more costs associated with major illnesses and injuries. You may have to travel to another state to get the best treatment. You may have to take time off of work. When you sell your structured settlements, you will know you have the funds to take care of yourself or your loved one and not have to worry about paying the light bill during treatment for you or them.
- Pay for college. Getting a college degree improves a person’s potential to earn money it is also very expensive. In the 2014 to 2015 academic year, students at private universities paid over $31,000. Students at public schools paid a little over $9,000. As of the end of last year, there was about $1.3 trillion in outstanding student debt. Being able to finish school with zero student debt is a great thing and this is a great reason to sell your structured settlements. Whether you want to go back to school or you want to pay for someone else to finish college, selling an annuity to pay for it is a great reason to sell.
Every situation is different and unique. Your decision to sell your structured settlements needs to be based on your and your family’s needs and situation. It is true that over 92% of the people who have sold their structured settlements say they are happy they did so, their situations may have been very different from yours. Talk to your family, go over your finances, do your research and you will make the right decision for you and your family.