Creative ways to use annuity fund ???

[Michael Gessner]

Does anyone have experience using funds from an annuity fund to use as hard money down payment on purchases? My father just retired from the local union and we were going to borrow from his annuity to bridge the loan on a reo purchase to flip. Lady in the hall told him he will pay tax on it, my accountant is trying to figure a way and a financial advisor told me he has 60 days to reinvest with another fund. This makes bo sense theirs no way to defer or right off the tax owed if we tie it up in realestate. The goal is to continue using the cash to keep purchasing