Asset Conversion

What is Asset Conversion?

To put it simply, it is selling some of your personal assets, such as furniture, vehicles and financial accounts, or obtaining things such as a reverse mortgage. Personal assets can also be used as collateral to secure a loan. Discuss your situation with someone knowledgeable about financial strategies and tax planning, such as a financial planner or accountant.

Before deciding to sell personal assets for extra income, talk with family and close friends. There may be other options to help you obtain more money, such as a personal loan. Also, there may be financial assistance through a variety of government or nonprofit programs. For example, some programs help people obtain health care services and/or prescription medications at reduced rates or no cost.