RV Financing with a Life Settlement
Many seniors take the opportunity of retirement to hit the open road and explore the vast number of amazing state and national parks and coastlines in the United States, and a big part of the equation when shopping for the ideal RV is RV Financing. Some people are even looking for RV financing with bad credit, so this article is going to cover an alternative way you can help pay for some or all of your motor home dreams with a life settlement.
If you happen to own a life insurance policy valued over $100k and you are at least 70 years old, you may be able to cover some or all of the price of an RV by selling your existing life insurance policy to a 3rd party investor. This type of a transaction is known as a life settlement, and may be a great alternative solution to traditional RV financing, or could help you upgrade your dream rig with a larger down payment.
If your new to life settlements, the way it works is a 3rd party investment fund will pay you a cash settlement today, while also relieving you from having to pay future premiums. The investor takes over ownership of the policy, covering those future premiums while also collecting the death benefit upon maturity. In other words they buy you out of your contract.
Most consumers only think of the death benefit amount in a life insurance policy and don't really consider how much it costs to keep it going before it pays out. Except in cases where people die early and unexpectedly, life insurance is not intended to be a get-rich-quick investment. When policy owners get to their 70's, 80's and 90's and realize how much it costs to keep some of these policies going, they risk losing their entire investment when they can't afford it anymore. Doing a life settlement can relieve you from a financial burden or even total financial loss. It can also recoup some or even all of your investment and then some depending on your unique case.
As the owner of a camping trailer, while I'm not yet retired, the half dozen camping trips a year we take are always a special experience. John Muir once said "In every walk with Nature one receives far more than he seeks", and I cannot agree more with this statement. If you want to get out and explore nature, a life settlement might just be the answer to your RV Financing requirements.
My job as a life settlement broker is to help clients prepare their case for market and represent them in the bidding process. Every investor has a different level of motivation on each case, so it's best to find the buyer that's most motivated to win your policy, and we're here to help you get the most for your policy with no obligation to accept. Give us a call at 213.784.1481 or fill out our life settlement calculator form for a free appraisal.