What would you like to do?
Can you use your annuity to buy a house?
1 person found this useful
Was this answer useful?
Thanks for the feedback!
Answer . I can answer from a claims perspective. I have settled many claims with minor children using annuities. For example a 10 year old child is hurt in a car accident,… and the injury is evaluated in the 15k range. An annuitie is set up for the child to start receiving the money when they turn eighteen. Doesn't have to be eighteen. Whatever is the best for the situation. I have set up annuities to pay the child from college age, twice a year (tuition time) for four years, or a lump sum when they are 18 or 21. Whatever is best for the child and their family. Of course the annunity makes money in the mean while. And they had to be court approved for the minor.
Answer . The SELLER usually pays all the commissions. The buyer's agent usually gets a split of the realestate contracted commission. If the deal calls for a 4% commission…, the listing agents gets 2% and the buyer's agent 2%. If you are sellinga home, you would usually pay the buyer's agent some agreed upon amount.
YES! But, there are differences with Foreign buyers/investors and US citizens, Basic Requirements for Foreign Investors wishing to Purchase Real Estate in the US… 1. Title Decisions Decisions as to how title is taken should be address beforehand. Title can be taken as an Individual , a foreign corporation, a US corporation or trust. In these and other matters it is suggeesed to seek a competent accountant and/or lawyer with international experience. 2. Income Tax Foreign Investors are taxed at a flat 30% federal tax rate on gross rental income, unless they take the "net election" on their income tax returns allowing them to take deductions for regular expenses before income tax is calculated. Furthermore anyone who collects income for a Foreign Investor is generally required to withhold 30% of the Gross Income such as rents. 3. Capital Gains Tax on Sales Income resulting from the sale of US Real Property is taxable. The Capital Gains tax is calculated by using the Sale Price today minus the Original Sale Price, plus Capital Costs, minus Depreciation. Since this tax is approximately 20% of the gain, Sellers may consider an exchange. The time to divest can become the time to reinvest. 4. FIRPTA (Foreign Investment in Real PropertyTax Act) Foreign Investors must acquire a US taxpayer identification number (TIN) before purchasing property.
US law does not forbid US citizens from owning property outside the US. You should thoroughly investigate local laws and requirements before your purchase, since consumer …protections are different in other countries.
There can be a few different definitions but in short as it applies to insurance or financial services: = Two Main Annuity Types: Immediate and Deferre…d = The difference between deferred and immediate annuities is just about what you'd think. With an Immediate Annuity your income payments start right away (technically, anytime within 12 months of purchase). You choose whether you want income guaranteed for a specific number of years or for your lifetime. The insurance company calculates the amount of each income payment based on your purchase amount and your life expectancy. A deferred annuity has two phases: the accumulation phase, where you let your money grow for a while, and the payout phase. During accumulation, your money grows tax-deferred until you take it out, either as a lump sum or as a series of payments. You decide when to take income from your annuity and therefore, when to pay the taxes. Gaining increased control over your taxes is one of the key benefits of annuities. The payout phase begins when you decide to take income from your annuity. For most people, this is during retirement. As your needs dictate, you can take partial withdrawals, completely cash-out (surrender) your annuity, or convert your deferred annuity into a stream of income payments (annuitization). This last option is essentially the same as buying an immediate annuity.
My husbands credit is good and my credit is bad. do we have to use both of our credit to buy a house?
No, you don't HAVE TO, but if you want to both be on the deed, etc, then you might want to. Basically, the mortgage maker (bank) will take the better of your scores and …use that to enter into the computer to spit out a loan program they can offer you. Also, they will combine your incomes to calculate the amount they can lend you - so no, you don't have to, but it won't hurt you just because your score is bad; it will possibly help you because it will make your profile a bit more robust since your income will be collectively higher.
Decide your budget, identify the areas in which you want to buy a house, identify a house that suits your budget as well as meets your needs, go for title verification, once s…atisfied, make the offer to the seller, pay advance, complete the sale process and settle the payment
This will include the ff: Mortgage arrangement fee,Survey,Solicitor ,Searches,Bankruptcy Search,Stamp duty ,Transfer fee .:))
I assume you lived in a house that was repossessed. The answer is yes it is possible to purchase another house after your house was repossessed. No law says otherwise. Banks a…nd mortgage companies might have more stringent requirements, which they do than they did during the era of adjustable rate mortgages. The banks got burned on them just as did homeowners who lost their homes. The banks now own those houses and need to dump them for whatever they can get. Your problem is to prove that you can now pay your bills. If you get a car, keep up your monthly payments. If you have a credit card that you pay off every month, keep it. Get another one and use it for a few purchases each month. Keep a running balance on it. You will be paying interest. Pay it regularly. Believe it or not, you will need that to keep up your credit! Ok, it sounds stupid and is. Life is stupid! After you have gotten to the point where you have saved enough to make a downpayment on a house and have built up credit with payments on a car and a credit card, you should be able to get a loan on a house. Good luck.
system under which the federal government gave annual monetary grants to Indians
yes they do it all the time
Indexed annuities can have quite a number of various uses. One of these uses is to protect against the risk of outliving one's income. These are regulated through licensed i…nsurance agents.
In Home Buying
Answer yes....they will need at least 10% down..
A non-citizen can buy a house in the United States. The onlyconsideration is that the person must follow the appropriate lawsfor spending time in that house and for paying tax…es if the houseis rented out.
Technically, the term "annuity" means "a series of payments over time, where the original investment and interest will be distributed over the annuity payout period". However,… most people, when they use the term "annuity" are referring to a COMMERCIAL ANNUITY - a contract between an issuing insurance company and the purchaser. There are two basic types of commercial annuities: IMMEDIATE - These contracts guarantee an income for either a specified period of time ("Period Certain" annuities) or for the life of the "annuitant" ("Life Annuities"). The annuitant is the person whose age and sex determines the amount of the annuity payments. An immediate annuity may be "fixed" (guaranteeing a specified amount of money each year) or "variable" (guaranteeing an income, the amount of which will vary with the investment performance of the investment accounts chosen by the purchaser). DEFERRED - These contracts have two phases: (a) the Accumulation phase, during which the annuity will earn interest, and (b) the Payout phase, during which payments will be made to the annuitant either for a specified period or for life (the payout phase acts like, and is taxed like, an immediate annuity). Deferred annuities may be either "fixed" (where principal and a minimum rate of interest is guaranteed) or "variable" (where the value of the contract will vary with the investment performance of the accounts chosen by the purchaser. For more information, see "The Advisor's Guide to Annuities" by John Olsen and Michael Kitces (National Underwriter Co., 3rd ed., 2012) Answer 2 . Series of payments at fixed intervals, guaranteed for a fixed number of years or the lifetime of one or more individuals . . Similar to a pension , the money is paid out of an investment contract under which the annuitant(s) deposit certain sums (in a lump sum or in installments) with an annuity guarantor (usually a government agency or an insurance firm). . The amount paid back includes principal and interest , either or both of which (depending on the local regulations ) may be tax exempt . An annuity is not an insurance policy but a tax-shelter . While the interest component (the taxable portion) of a regular annuity payment may be exempt from local or state taxes, it is never, under current law, exempt from Federal income tax. Moreover, to say that an annuity is a "tax shelter", rather than an "insurance policy" is not quite correct. First, an annuity is not a tax shelter, as that term is ordinarily used, because it does not EXEMPT any otherwise taxable income from Federal tax; it merely provides tax DEFERRAL. Moreover, many components of an annuity are, in fact, INSURANCE. An annuity contract is not LIFE INSURANCE, and does not enjoy the same tax treatment of a life insurance policy (e.g.: an income tax free death benefit), but the RISK TRANSFER characteristics of an annuity are certainly "insurance". (John Olsen)
According to www.retireright.co.uk, anyone who has some form of retirement income which is capable of being paid out in a lump sum can have an an annuity. Think of an an…nuity as swapping your pension for a consistent, usually-monthly, payment of money for your post-work life.