Purchasing Your New Home
Paramount recommends that in almost all cases, when purchasing a home following the receipt of your settlement proceeds, you use a portion of the cash from the settlement to pay for your new home, or in the very least, using cash for a large percentage of the down payment. By paying cash for your property you are able to pay the negotiated price for your new home and forego the mortgage process. Without a mortgage, you have no reoccurring monthly principle and interest payments on your home; your home is paid for in full. Additionally, by paying for your property with cash you eliminate the future stress and anxiety that often times goes hand-in-hand with making your monthly mortgage payment. Begin Your Home Search
Investing in Income Properties
In many of Paramount’s cases, the plaintiff may be unable to return to work following their accident. While your structured settlement annuity may be set up to compensate for future lost wages, there is a way to supplement this projected monthly income. By purchasing an income or rental property, plaintiffs can supplement their monthly payment stream. If you like the idea of owning an investment property and the idea of earning supplemental income, but are worried about maintenance, upkeep or the timely collection of rent, do not worry. Paramount can recommend several very reputable property maintenance companies, that, for a fee, can maintain your income properties for you.
Using a Structured Settlement to Finance Your Current Home
Perhaps you are like the majority of clients whom we consult with, and you are happy with your current living arrangements. If you have no immediate plans to purchase a new home, there are still a variety of solutions to help alleviate the burden of your monthly mortgage payments, taxes and other living expenses. In these cases Paramount recommends building a structured settlement annuity plan that is scheduled to pay out the exact amount of your monthly mortgage payment, a day or two before your monthly payments are due. As structured settlement annuities can be tailored to meet your individual needs, this is a popular and easily executed plan. Furthermore, the payment stream can be crafted so that it is guaranteed to pay only until the projected payoff date of your mortgage. An additional payment stream can be created for the time period following the expiration of your mortgage, providing you with supplemental tax-free benefits.
One of the smartest and safest places a plaintiff can invest their settlement proceeds is into real estate. Whether you are planning to invest in an income property, or are ready to become a first-time homeowner, Paramount can assist you by putting a plan in place that will allow you to make your home-buying dreams a reality. Paramount’s Pre-Settlement Planning Service can assist you with the purchase of your new home after the settlement of your case. Through our Cash Flow, Needs Based Analysis, and on-staff New York State licensed real estate salesperson, Paramount assists plaintiffs in finding their perfect home, within their budget, that fits their unique needs. We know that buying a home can be a time intensive and overwhelming process. However, Paramount’s Real Estate Planning Service takes the guess work out of home buying and our licensed real estate salesperson does all the heavy lifting for you; walking you through the home buying process, and guiding you every step of the way.