"FREQUENTLY ASKED
QUESTIONS"
about our Military Pension Retirement
Program.
How long does the process
take?
Two weeks could pass to close some transactions.
Because other transactions include the purchase of new life
insurance,
the time for funding could extend to three to four weeks.
Do I need perfect credit to
qualify?
No. Perfect credit is not required, good credit
is.
Do I need to own a home to
qualify?
No. Home ownership is not required. In fact, stable
renters
are often strong qualifiers.
Why Isn’t the amount of money
paid to me
[the pensioner] equal to eight years
worth of retirement
payments for an eight year contract?
Would you rather
have 95 cents now or a dollar in one year?
70 cents now or one dollar in
three years? 40 cents now
or a dollar in eight years?
The determining factor
is the length of time. We are
purchasing future dollars that are not the
same
value as current dollars. This evaluation is called "present
value."
The time value, or present
value, of future dollars is less
than their face value. The computer system
considers all of
the payments to be received during the eight year contract
and then calculates the amount of the lump sum estimated
payment.
What happens to the COLA (Cost
of Living Adjustment) annual increases?
The COLA annual
increases are used to pay down the life insurance premiums.
This is very
useful since it negates any additional out of
pocket expenses for the
pensioner. If insurance payments
are not required, on the first of each
month, all COLA payments
are returned to the pensioner electronically, just
as
his current pension payments are.
Can a relative or other person
act as sponsor or guarantor?
In some cases, we have accepted a
guarantor when the applicant did not meet the qualifications of the program.
Strong credit and stable financial
history are mandatory for a pensioner as
well as a guarantor.
Are there ways to repay the
loan early?
This program is not a loan. The program is a contract
for which
time is committed by the funding sources. Therefore, the
contract
exchanges a lump sum of cash for a commitment
to pay future
retirement payments when they are received, for a specific period of
time.
Can I use existing life
insurance to meet the insurance
requirement, or must new insurance be
purchased?
Any good insurance policy is acceptable even if it has
been
in place prior to the closing of this transaction.
Are there any age
limitations?
None at all. Only the cost of the required life
insurance,
which is part of the pensioner's costs, impacts the economics of
the transaction;
if insurance is already in place and the economics of
the
transaction still appeal to the pensioner, any age will be accepted.
The Typical Military Pensioner's Obstacle
Borrowing money from traditional financing sources without
having the required collateral as security for a loan can be
difficult for anyone.
Those on a pension in need of financing after retirement
who do not have other significant assets offer an unfortunate
illustration of this.
When applying for a loan, a retiree's pension payments
certainly may be counted as a steady source of income,
but few, if any financial institutions recognize this income
stream alone as an asset to be loaned against.
The result often leaves retired pensioners viewed like all
other unqualified borrowers, and can make the "golden years"
not so golden.
If you're a pensioner who has tried borrowing against
their pension, you know what we're talking about.
Our Solution
We view those pension payments you're receiving differently.
From our perspective, once you've started collecting payments,
you already have the collateral necessary to get
the financing you need.
Once you qualify, we will actually buy a number of
your future pension payments at today's (present) value.
Unlike a bank, our unique financing program is not structured
as a loan. Instead, eligible pensioners receive an up-front,
lump sum cash payment in exchange for giving up
their right to receive a specified number of future pension payments.
The concept is simple, and the funds we provide can be used
for nearly any purpose: debt consolidation, a down
payment for a home, making investments, paying education
expenses... you name it.
Most types of pensions are eligible, including
corporate (public & private), civil service
(including all levels of government), even military pensions.
The cost? often less than what you now may be paying
for other financing, and since we know that time really is money,
we'll do our best to get you through the application and
approval process as quickly as possible.
We CANNOT purchase VA pensions where 100% of
the money the pensioner is receiving is from the VA.
Call us at
1-888-942-6639
Email fcou@msn.comThis program is NOT A LOAN. We will buy the next
eight years of your pension for a lump sum of cash
Contact us now for your FREE
no-nonsense appraisal of your pension payments
For an immediate quote. Please complete our
Military Pension Advance Quote Form
To Be
Considered:
1) You must be fully employed or have
other
sources of income,
2) You must have "fair credit" a
credit score of
580 or better. (if you had a bankruptcy, we like
to see
2 years pass from the time that the
bankruptcy was
discharged).
3) In all instances you must be retired
from the Military.
We generally require six months of retirement from
the
Military, however, we occasionally will consider
pensioners with less time
out of service, as long
as there is stability in
employment
4) You must be receiving a minimum of $400/month net or if it is a VSI , the minimum is $5000/year net.
5) You will need a copy of your most recent
Retiree
Account Statement or VA Award Letter, or VSI Earnings
Statement.
If you don't have your statement,
please call the DFAS at 1-800-321-1080
.