State Pension Loan Possibilities for Retired Police by Groshan Fabiola | MassCops

State Pension Loan Possibilities for Retired Police by Groshan Fabiola

Discussion in 'Retirement & Investments' started by Gil, Sep 9, 2009.

  1. Gil

    Gil Founder of MassCops Staff Member

    State Pension Loan Possibilities for Retired Police by Groshan Fabiola

    If you are a recently retired police officer or police department employee in need of a lump sum of cash, a police pension purchase might be right for you. You can get a state pension loan with the pension program itself as collateral and have the cash you need for a home purchase, an education investment, medical bills, or anything else. People often refer to this financial product as a loan for pension payments, but it's actually not a loan at all. You're simply selling the rights to a specified number of pension payments that you expect to receive in the future.

    With a police pension purchase, a company will buy the payments that you would be receiving for an exact period of time in the future, such as eight years. You agree to the state pension loan amount that you have been offered, which you receive very quickly, and you also agree to waive the right to receive any pension payments for that timeframe. Most companies have some simple requirements, such as having good credit history for a reasonable time period, being a homeowner or renter in good standing, and being able to provide proof of a recent pension payment statement.

    Before qualifying for a loan for pension payments from the future, you may also need to obtain a whole life, hybrid or term life insurance policy with a face amount equal to the pension amount that you have sold to the company. Not everyone will qualify, and it's not going to be a good option for everyone, but it is worth considering and it can't hurt to apply or at least talk to someone to get more information. The biggest benefit is that the funding comes fast and it is often the only option available for retirees who need a lump sum of cash now.
    A state pension loan is an option available to many retired state employees, including police officers, civil servants, administrators and other people who worked for the state. It is a simple way to gain access to the cash that you know you will be receiving in the future so you can live your life and do the things you want or need to do right now. Just work with a reputable company and only sell the pension payments for a period of time that you can afford to be without them.

    For more resources regarding Police Pension Purchase or even about State Pension Loan and especially about Loan For Pension please review these pages.

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