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I have had an annuity little over nine years. I want

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I have had an annuity...
I have had an annuity for a little over nine years. I want to take out some money for the down payment on a house. The annuity company want to charge me a partial surrender fee that is a little over 100% of the ammount I want to withdraw. I have heard of surrender charges in the 10 to 15% in the extreme. The company has not offered to explain how they arrived at their fee. I asked them yesterday to mail me a copy of my contract. What is the best course of action?
Submitted: 3 years ago.Category: Legal
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Answered in 6 minutes by:
6/3/2015
Lawyer: socrateaser, Lawyer replied 3 years ago
socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 40,166
Experience: Retired
Verified
Hello, The best course of action is probably to find a lender willing to loan you the money based on a secured interest in the annuity. You'll have to pay interest on the money, but nowhere near 100%. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using justanswer.com!
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Customer reply replied 3 years ago
I need cash for the down payment. I cannot borrow money for the down payment.
Lawyer: socrateaser, Lawyer replied 3 years ago
I will reopen the question for others to consider. Please do not reply to this note, as it will slow down the process of getting someone else involved in your question. Best wishes with your legal dilemma.
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Lawyer: Dimitry K., Esq., Attorney replied 3 years ago
Dimitry K., Esq.
Category: Legal
Satisfied Customers: 41,221
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
Verified
Thank you for your post. A different professional here, I used to be NASD/FINRA licensed and used to specialize in annuities.
If I may ask, was this an immediate annuity from which you are receiving monthly or periodic payments, or is your annuity still in the growth stage? Do you have a copy of the prospectus available?
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