I do reverse mortgages. I have a 74 year old client that needs to sell his annuity to get the cash to qualify for the reverse mortgage. I am wondering how much he will pay (give up) in order to liquidate his annuity. He wants to do this if it is attractive enough. I have not seen the contract, but I think it is a EIA with 12.5% surrender charges at this time. Also, how long does this take?
As a side note, the Underwriter will not allow us to use the annuity as collateral for a loan. We will have to liquidate or sell it.
Please advise
As a side note, the Underwriter will not allow us to use the annuity as collateral for a loan. We will have to liquidate or sell it.
Please advise