Fulton Financial Consultants, Inc.

Learn Capital Retention Planning Concepts for Retirement using Indexed Annuities & Reverse Mortgages

FFC Home Page

Role of Coach & Mentor

Knowing What We Want

About Robert Fulton

Mission Statement

Model Client Profile

Resume of Robert Fulton

Fulton's Core Theme

So Why Am I Different?

About Fulton Financial

FFC is Not a Fiduciary

Corp Purpose & Objectives

History of FFC

Financial Products

FFC Bus Continuation Plan

Contact Us

Understanding The Website

Your New Vocabulary Words

How to Navigate Website

Purposes of Website

Construction of Site

Disclaimer / Caveats

Glossaries of Terms

Refinancing Your Mortgage

Obtaining A Proposal

Mortgage Refinance Terms

File Configuration

Purchasing New Home-Loan

Reverse Mortgage Basics

Reverse Mortgages 101

List of RVM Programs

Eligible Borrowers

Reverse Mortgage Terms

Eligible Properties

Required Counseling

FHA Backing of Some RVM's

Some Questions & Answers

About Financial Planning

The $ Planner is YOU! 4 U

Retirement Strategies

Financial Planning Terms

Investing Terminology

Rubik's Cube Plan Design

Long Term Care $ Funding

Understanding Risk

Code of Ethics

Education: CLU ChFC CFP

Questions and Answers

Reverse Mortgages 201

RVM-LOC-Line of Credit

The Kid's Inheritance?

Who are Candidates 4 RVM

Reverse Mortgages 301

Cost of Reverse Mortgage

Making Payments on RVM's

Jumbo Reverse Mortgages

HECM 4 Purchase

Expanded RVM Strategies

Refinancing Reverse Mort

For 3rd Party Providers

Annuities Explained

Definition & Basics

Types of Annuities

Q and A Session

FIA's Explained in Detail

Terms 4 Indexed Annuities

Life Insurance Options

Term Life Insurance

Whole Life Insurance

Indexed Universal Life

Variable Universal Life

Insurance Terms

Questions & Answers

Privacy Policy

Robert's Blog

Restricted Access Area

Life on Whidbey Island

Motorcycling

Fishing

Sailing

Flying

Oyster Gardening

 
3rd Party Providers:
This Page is for: Escrow Officer, Title Companies, Mobile Notaries, Lawyers, CLU's, ChFC's, Real Estate Agents, Financial Planner's, CPA's, Insurance Agents and CFP's .
This first section is for: Escrow agent and Title Company officers closing Reverse Mortgages

Key Terms and their use


MCA = Max Claim Amount:
The lesser of the current (for 2013) lending limit or the value of the property as indicated by the appraisal.
This is the figure from which you calculated the lender's title insurance premium.   
Principal Limit
Base on the rate, home value,  age of youngest borrower and possibly Zip Code.
UPB = Unpaid Principal Balance
This basically is the initial loan amount.

Key Differences of Reverse Mortgage compared to normal Forward Mortgage like you close everyday


2 Notes and 2 Deeds
FHA Reverse Mortgage transactions have 2 Notes and 2 Deeds and both get executed and recorded. 1st Note & Security Instrument is for the LENDER and the 2nd Note & Security Instrument is for Sec. of the HUD. So this have FHA already be in place to protect the borrower in the event that the servicing lender is not there in the future to fulfill it's functions and meet it special obligations.
Mortgage Amount:
1.5% Max Claim Amount.
Maturity Date = Youngest borrower's 150th birthday.
Standard Exceptions on Title Policy:
These do not apply to HECMs and must be removed.

Real Estate Agents
Reverse Mortgages can be used to purchase homes.

This Site is Not Tax or Legal Advice. Always consult Legal Counsel and Your Tax Advisor. Content of website are the sole opinions of Robert Fulton & does not necessarily reflect those of Fulton Financial Consultants, Inc.'s Investor/Lenders or insurance companies or other product vendors. Because one of my product lines is that of Reverse Mortgages I must state the following:  If the borrower does not meet loan obligations such as taxes and insurance, then the reverse mortgage will have to be repaid." The Terms, benefits and features shared as accurately as possible on best efforts basis and subject to change without notice. Therefore please discuss any decision making specifics with Robert Fulton 360-222-3236. "This material is not from HUD or FHA and has not been approved by HUD or any government agency."