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How to use senior life settlements for collateral
Hello, I was wondering if the Senior Life Settlement policies are still in the market to use as collateral on Real Estate deals. What would be the requirements to obtain one plus what's the min. and max. they are wanting on the policies?
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A Senior Life Settlement is when you sell your existing life insurance policy to a 3rd party. They give you cash (an amount that is less than the policy face value, but more than its current surrender cash value) in exchange for you signing the death benefits over to them. It has nothing to do with collateral for real estate deals - in general the collateral for a mortgage is the property you are borrowing against, not some other asset. Of course if you engaged in an SLS you could use the cash you receive to help with the down payment on the property.
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