What are pension payments?

A pension is a fund set up by a company (public and private), union, and government entity including military or other organization in order to invest the financial contributions of members and employees, and pay out a retirement income when a person reaches retirement age.

Once a person decides to receive monthly payments over a lump sum this decision cannot be reversed. Retirees may need money now and it is very difficult to get approved for a loan based on pension payments. Although they count as income banks do not consider these payments as assets.

Qualified retirees can sell a portion of their pension payments in exchange for a lump sum. This is not a loan and you will not need to sell your entire pension rights in order to receive the lump sum. The money you receive can be used for your financial needs today such as covering an unexpected life event or to finance a life opportunity.

The process.

Many different pension payments are eligible including military, retirement, police, firefighter and corporate pensions. Payments will be purchased for a minimum of $400 a month for 8 years. After that time you will begin to receive full payments again depending on the amount purchased. There are also some income requirements. You will receive your lump sum upon court approval and may or may not have to attend based on legal requirements for the state you reside. The whole process may take 4 to 8 weeks.

The concept is simple, and the funds provided can be used for nearly any purpose: debt consolidation, a down payment for a home, making investments, paying for education, you name it.

Are you ready to find out how much you can get if you sell your pension payment?