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Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
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Coffins and Other Products Used In A Funeral

New Uses Of Credit And Other Assets

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If you need money, you may be able to use your existing resources without selling them. For example:

Credit can be used as a source of instant cash. You may be able to get life insurance and disability insurance on the amount of outstanding debt. 

If you don't have credit, you can still get it.

If you own a residence, options include:

  • Refinancing your mortgage
  • Taking a home-equity loan
  • If you age age 62 or older, a reverse mortgage. With a reverse mortgage the bank pays you for a change!

If you have life insurance,  you may be able to get money from your it while you are alive. Alternatives include:

  • Money from the life insurance company through the policy's saving feature or through an addelerated death benefit
  • Borrow against your policy from a private lender
  • Sell your policy in a viatical settlement or senior settlement.

If you have a retirement account, you can likely borrow or withdraw money. You may not have to pay a penalty if  you leave your job, go on disability, or suffer a financial hardship.

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