New Uses Of Assets
Each of the following assets can be used to obtain cash without selling the asset. Credit, which is the equivalent of an asset, takes on new meaning post-diagnosis.
You can borrow from most types of retirement plans. If you are disabled, you may even start to receive benefits penalty-free. To learn more, see: New Uses Of Assets: Retirement Plans.
If you have life insurance, you might be able to borrow or get an accelerated death benefit from the policy, or even sell it. To learn more, see New Uses Of Assets - A Living Benefit From Your Life Insurance Policy, Life Insurance: Sale Of, Friendly Loans Against Your Life Insurance Policy, and note: How To Apply For A Disability Waiver Of Premium Under A Life Insurance Policy)
Your home can be a source of cash while you continue to live in it. There are a batch of ways to access cash, including the following:
- A home-equity loan or line of credit
- Reverse Mortgages
- A Sale-Leaseback
- Renting part of the home
- Sale of a home subject to a life estate
If you ultimately need to sell real estate, see our article about what you need to think about asa person with a health history. Click here.
If you have investments, consider rearranging your portfolio so that it produces more income and liquidating some assets. If you only need extra income in the short term, you can also consider borrowing against your financial assets. To learn more, see: New Uses of Assets: Investments, New Uses of Assets: Borrowing Against Stocks and Bonds, Investments 101: An Overview, Borrowing Against Certificates Of Deposit Or Other Term Bank Accounts
If you have a vehicle, you can get a loan known as a Title Loan or Auto Title Loan. You get to use the car while the loan is outstanding. Particularly if you need you vehicle
If you have personal property, such as antiques, art, collectibles, clothing, household goods or a car or other vehicle, you might be able to turn them into cash. To learn how to get cash from personal property without selling it, see New Uses of Assets: Personal Property. To learn how to maximize what you get when selling personal property, click here.
Credit (as in the amount of credit you have on your credit cards) is equivalent to an asset because you can draw on it as needed.
Credit cards usually have an optional death benefit which pays off the amount of debt on the card in the event of death. Realistically, such a feature increases the size of your estate.
There may also be a feature which pays the minimum due on the card in the event of disability. While the amount of debt will likely continue to climb, you won't have to be concerned about making monthly payments when money is tight. If you are in an emergency situation, consider using your credit to help you get by -- especially if it is backed by credit insurance.