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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Annuitant


Synonyms:casher, collector, consignee, receiver, recipient
Filed Under: annuities, financial-banking, investments
Tags: annuity, banking, investment
 

Definition of annuitant

annuitant
1. The owner or recipient of an annuity contract or pension.

Related Terms and Acronyms:

  • annuitization   The process of turning a retirement plan or annuity into income in the form of periodic payments or a single lump sum.
  • annuity   A financial instrument that disperses a number of payments over a set period of time.
  • commissioners' reserve valuation method   A method used to determine the minimum statutory reserves for annuities and insurance products.
  • payee   The name of the person to whom the money in a cheque is to go.
  • reverse mortgage   A loan that allows an older homeowner to convert built-up equity into cash. The loan comes due when the owner dies, sells the house or moves out.

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Important Tip on Credit Card Debt
Credit card interest rates average at around 18.9 per cent. You, like many other Canadians, may have over ten thousand dollars charged to your credit card, but, if you only make the minimum required monthly payment of 2 per cent ($200 the first month) that $10,000 in credit card debt will ultimately take more than 57 years and cost around 40,000 dollars to fully pay off.

Using a home equity loan will allow you to eliminate the high interest credit card (and by eliminate we mean cut up) and consolidate the debt to a low interest rate mortgage payment.