Question
What is the name of your state?What is the name of your state? New York
I would be interested to know if it would be possible to get a loan structured like a reverse mortgage where the bank or another lender would accrue the interest until the policy matures and would take a collateral assignment to secure their position.
I believe there was one company called LifeWise which did this a few years ago but they are no longer in business.
Answer
I am not aware of any firm that does this.
If you are terminally ill -- and a physician says you have less than a year or 2 of life exectancy -- some life insurance companies have programs that will advance you a portion of the face amount of the life proceeds with the policy as collateral.
Unless the policy is reasonably large and there is a clear health impairment you will wind up paying a HUGE fee for the sale to a viatical broker.
----------
I would be interested to know if it would be possible to get a loan structured like a reverse mortgage where the bank or another lender would accrue the interest until the policy matures and would take a collateral assignment to secure their position.
I believe there was one company called LifeWise which did this a few years ago but they are no longer in business.[/quote]
Answer
I was familiar with LifeWise and might have another solution.
However, I would need a little more information about your specific policy and the amount you are trying to receive.
This post was a while back, so most likely this situation was resolved.
Email me through my contact form, and I will get back to you.