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Ray, Lawyer
Category: Legal
Satisfied Customers: 42865
Experience:  30 years in civil, probate, real estate, elder law
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Legal? Well ok. We would like to borrow against our annuity,

Customer Question

Legal? Well ok. We would like to borrow against our annuity
JA: What state are you in? It matters because laws vary by location.
Customer: Ct
JA: Has anything been filed or reported?
Customer: No. I am not sure I understand
JA: Anything else you want the lawyer to know before I connect you?
Customer: No. We are coming close to our new homes closing date and haven't sold our house in CT yet
JA: Have you talked to a real estate attorney about this?
Customer: No
Submitted: 2 months ago.
Category: Legal
Expert:  Ray replied 2 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 2 months ago.

I would start with the annuity company.They might well loan against the annuity.You would have abetter chance at getting a loan from them since they hold the annuity principal.See if this is a possibility to resolve this situation.It is certainly possible if the annuity company will offer you such a loan and terms you can live with.I think they are your best shot.I also know that there are companies that would buy the annuity for cash, you could then put the funds into a new annuity once the house sells and resume having one.

These are your two options here in Connecticut.