| Reverse Mortgages for Refinances & Purchases - FHA & Jumbo HECM's |
| FHA Insured Reverse Mortgages have been offered by Fulton Financial Consultants, Inc. since 1998. Fulton Financial Consultants, Inc. Incorporated in 1980. Serving Whidbey Island and the greater Seattle Area but welcomes clients any where in the State of Washington.
Reverse Mortgages normally referred to as a HECM Stands for “Home Equity Conversion Mortgage” which is a Non-Recourse loan with no monthly mortgage payments; however the home owner still has payments for their responsibilities associated with homeownership such as paying premiums on homeowner's insurance and paying property taxes, as well as the costs to keep the home maintained. The “Conversion” process, is that of allowing the borrower the opportunity to spend down house equity to pay their housing expenses rather than their other liquid asset accounts or perhaps, the resources of one's children. So let your house pay for housing while you enjoy continuing to live in your own home.
These are not your Grandfather's Reverse Mortgages! The new programs in many cases allow seniors age 62 or more to maintain title to their homes and improve the quality of their lives in retirement.
This website is designed to assist you in deciding whether refinancing your current home with Reverse Mortgage is the right path for you and compare it to other alternatives, such as downsizing your current home or just outright selling your own home altogether and just renting.
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| Robert Fulton CLU ChFC, President & Designated Broker |
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| Hello, I am Robert Fulton CLU, ChFC, and President & Designated Broker of Fulton Financial Consultants, Inc. since 1980. I took my first formal training class for Reverse Mortgages back in 1997 and have seen the tremendous improvement in them over time. You are welcome to click "About Robert Fulton" in the top right-hand corner to learn all about me.
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Internet technology, along with email has made working from anywhere possible, even Whidbey Island. I am really still very old fashion and still prefer to travel to people's home with formal proposal in hand. Especially when it comes to complicated Reverse Mortgages. But I am also easy going, on our first visit when I bring that proposal, that is all I bring, I do not bring the loan application, disclosures or any contracts. It is a mutual (two directions) educational interview only, so you can learn about what a Reverse Mortgages for you and you get to learn about me, and I learn about you and your situation. Because of this I encourage you to click on "Request for Proposal" on the buttons on the right. This is where you can enter the information I need to do the proposal and I will call you and set up the time.
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Robert Fulton, CLU, ChFC NMLS LO #117411Fulton Financial Consultants, Inc #1162343790 Shorewood AveGreenbank, WA 98253So. Whidbey Island phone number 360-222-3236 Fax 360-222-3240 Cell Phone 206-240-2267Eastside Phone number for Kirkland Area Customers 425-822-5600Email: rfulton@fultonfinancial.comWebsite: www.fultonfinancial.com
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| Reverse Mortgages can help extend years of financial independence |
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| Let us learn if you are in this group? |
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| You have come to the right place to change that and to see if one of these programs is suitable for you. Reverse Mortgages are very complicated, and have been evolving for some time now and there are still a lot of misperceptions about them. Reverse Mortgages are no longer just for the house poor, but for those who are struggling financially to keep their financial independence, we can often miraculously transform their lives. For those who are financially independent we can help them protect, maintain and extend their period of being so. This home page will help you see the big picture about Reverse Mortgages and if you adjust your browser to see the panel of buttons on the right you can click on them to study greater depth and detail on any subject.
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| Eligibility / Qualification for Reverse Mortgages & what controls how much money you can get? |
Who is eligible and qualifies for a Reverse Mortgage?
Seniors age 62 or older & who can demonstrate they can afford their home with no mortgage payment.
Those with no outstanding federal debt.
People with enough home equity.
Those who live in the property as their primary residence (not investment properties or commerical operations).
Those who invest the time to understand RVM's,
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What Determines how much cash and/or income you can have from your Reverse Mortgage?
Age.
Interest rate.
Program Selected.
Value of Property (amount of equity).
In some case the Zip Code you live in.
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There are three ways the money can be taken or a combination.
Lump Sum Cash at Closing.
Monthly Income.
Credit Line allowing the money to sit and grow waiting for you to request it.
Notice: The three benefit(s) and options listed above, on how to receive them are available only after your current first mortage (if you have one) is paid off by the new reverse mortgage proceeds. That occurs first and formost!
Some Seniors only have enough equity to just enjoy having their "current" 1st mortgage paid off, but they still get to enjoy having no "house payments!". The new reverse mortgage will not have any mortgage payments as long as you live in your home and meet the loan obligation including paying property taxes and homeowners insurance.
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| Techniques and Strategies that enjoy higher success rate when used with Reverse Mortgages. |
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Reverse Mortgages can be used as a technique allowing a young senior (like me) to delay receiving Social Security benefits allowing that income to be more meaningful in the future, since each year you delay starting them will make what you receive higher.
Reverse Mortgages are often used as part of strategy to avoid needing to spend down investments during bear markets to preserve these liquid assets such as IRA's, 401(K)'s, NQ'd brokerage accounts (meaning your "non-IRA" or Non Qualified Stock and Bond holdings) and of course precious bank savings accounts. This allows these other assets to hopefully grow and increase your overall holdings.
Since today's Reverse Mortgages allow seniors to still hold the title (own their home) they receive the benefit of (and enjoy) all future appreciation of the property. This is especially valuable in a period of recovery of real estate values, like we seem to have been in for a while now. So this is the third Technique or Strategy, which is to hold your home longer for the value to come up before selling it. These three Techniques or Strategy all helps to preserve future home equity values, and other capital accounts, have higher income for longer, which will both enhance the quality of our live's and benefit one's heirs. If that is your objective. Ironically, for those who have them, (heirs that is), if I can "reverse" your thinking, you may see how their future overall financial situation is likely to actually be enhanced or better than it otherwise would have been in reality, even though the equity in their parents home was reduced.
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| Reverse Mortgages Products and Programs are not for everyone, here is what you need to know. |
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| Things to watch out for! |
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What you don't understand cannot help you.
Like any financial product or program (including a Reverse Mortgage), the incorrect installation to an unsuitable consumer may do more harm than good. Also, although they may be in the future, a large group of homeowners are what I call "non-candidates" for Reverse Mortgages. Having said that on the other side of the coin, ironically, you may be one of the homeowners in the golden sliver of pie in the picture above. Then, not to learn about your options to use a Reverse Mortgage can cause essentially equivalent to that harm, by never having the peace of mind and financial freedom many enjoy during their golden years. So taking the time to learn if a reverse mortgage is suitable and appropriate for you should be a priority. The careful review of the "Reverse Mortgage Programs" available to you and their benefits may be essential for you to survive homeownership or enjoying the feeling that comes from freedom from financial success.
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| I am only a phone call away, 360-222-3240 Or click the "Request for Proposal" tab above |
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| Schedule Appointment with me |
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Thank you for visiting my website in your endeavor to learn about Reverse Mortgages on the internet. I think for best results you should call me and schedule personalized consultation just about your specific situation. You do not really need to do what I have done which took years to learn about all Reverse Mortgages products, configurations and how they relate to the needs of everyone. Just focus on learning about your own needs by calling me and talking about just you and your situation.
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