When comparing both you must obviously have both and at times you may want to do both. Now I know that can sound a bit confusing however for most having a life insurance policy that pays you thousands of dollars per year and a mortgage payment paying you with all the equity you have built up over the years may seem quite a bit contradicting however what if you purchase more life insurance with the settlement and reverse mortgage that pays off the home and life settlement when you gone. Yes, these techniques do exist all the while enjoying taking massive vacations around the world and spoiling yourself at fine dining’s.
Take yourself and a loved one on a cruise and spend time with your grandchildren you deserve it, and they also deserve to be left with a fair amount of financial resources to make both assets whole again. So how do you do it? I will lay down step by step process of being able to take advantage of life settlements and reverse mortgage and still be able to leave your family with a home with a zero balance and a life insurance policy that gives them the full cash death benefit that everyone hopes to leave your loved ones.
Step 1: Check your statement balance of you mortgage and life insurance policy to determine if you’re in good shape to perform a certain goal that you may have in mind. If both of your financial tools look good then at this point it’s best to speak with an adviser, insurance agent or loan office to see if the numbers will work out for you. Most people want to start off with getting approved for another life insurance policy in advance to make sure that their health is up to par, and the approval process of your life policy can achieve in order to make your plans work for your benefit. Once you speak to a life insurance agent you will then be able to discover that yes you can afford a new life policy as long as the numbers make sense with your other life policy settlement. The life settlement ca gives you a lump sum of cash or they can give you monthly payments. Similar to the reverse mortgage. I highly recommend payments versus lump sum as part of these payments will go towards your new life policy. Keep your life policy current within the expectations of your financial goals is very important, and getting everything to fall in synch can be achieved when you speak to a good financial advisor. Speak to a counselor today or chat with one online.
Step 2: After you discover that the equity in your home and in your life policy provides you with a great amount of income along with any pension and social security you will be able to balance the needed monthly paddings to comfortably enjoy your current and future lifestyle. So, what is a comfortable budget for a sound lifestyle? This is something you will have to put together on your own time however always do your homework and we also expect you do your research on which agent you would like to hire to offer you sound respectable insurance and mortgage services to help you achieve this goal. Moving forward most of your family will speak out against it in terms of reverse mortgage or settling your life policy as they typically are direct beneficiaries of the assets you are temporary liquidating. Liquidating an asset is a beneficiary’s worst nightmare however if you allow the beneficiary to participate and learn the end goal will not change the only thing that will change if the lifestyle that you can enjoy while you are still here.
Step 3: Initiate these future life insurance payments at least 2 months ahead of schedule to insure that by emergency if you were to be in a situation that you are not able to recover some finances your 2 months ahead of schedule will provide enough padding to get caught back up from whatever set back you may experience and possibly able to make proper adjustments as needed. Arrange a separate bank account with a large enough interest-bearing features to where you can begin to call your travel agent and your family to join, oh and get your passport.
step 3 is just the icing on the cake after you have already gotten approved for your future life policy and your appraisal is completed to begin the necessary paperwork that’s going to set you sailing on your cruise and spending more time with the future generation we bucket-listed years ago. Enjoy!