NOTICE: NO LONGER TAKING APPLICATIONS AT THIS TIME
Need Cash Now? You May be able to Sell Your Pension Payments!
How Does the Program Work?
We pay a lump sum of cash in exchange for eight years of future pension payments. The first step is for us to provide you with a free, no-obligation estimate of how much we will pay for your future benefits. You will receive the estimate within 24 to 48 hours if you provide us with an e-mail address or Fax number. If you like the figure, simply fill out the application that comes with the estimate and we will begin the process. It is an 8-Year Program, where you decide how much of your monthly or annual pension payments you want to sell (all or a portion of your monthly or annual pension) for the next 8 Years.
Is eight years the only contract offered?
Yes. We have found the eight-year contract to be the most beneficial to all parties involved when you sell pension payments.
Who is eligible for our program?
We buy most pension payments, including Military Retirement, Police Pension, Firefighter Pension, Bus Drivers Pension, Teachers Pension, Union Pension, etc., with the exception of Social Security and VA Pension Payments. Persons receiving military retirement must be out of the service at least 6 months. This is the normal amount of time it takes to transition from the service life into civilian life. If you went on terminal leave and started a job immediately, we can take that into consideration.
What is the minimum amount we will purchase?
The MINIMUM PAYMENT we will purchase is $ 500.00 per month or $6,000 per year for annual payments.
Is there a maximum amount?
There is no maximum. We will purchase the entire pension (for 8 years) if you choose.
Are there any credit requirements?
Yes, a CREDIT CHECK is done, so your credit must be good. Perfect credit is not required, but good credit history is. If you have good credit but have a few slow payments, that is normally ok unless you have had a bankruptcy. We pull all 3 Credit Bureaus: Experian, Trans Union, and Equifax, and we normally look for Credit Scores that are approximately 600 and up. The decision that the Underwriting Department makes is based on the overall Credit Report, and they take everything under consideration. Please do not apply for this program if you have poor credit. If you apply and are denied, you will not be able to re-apply for at least 18 months.
Are people who have filed for bankruptcy eligible?
Yes, but if you have had a Bankruptcy – if it is a Chapter 13, it would need to be discharged, if it is a Chapter 7, it would need to be discharged for at least 2 Years. Good payment history following the Bankruptcy is a must.
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.
What is the average time for funding?
Although contracts can be funded in as little as ten days, the insurance requirement can greatly extend the processing time.
Do you need to own a home to qualify?
No. Home ownership is not required. In fact, stable renters are often strong qualifiers.
Do you need to be employed to qualify?
Yes. You must be employed to participate in the program.
Why is the amount of money paid to you [the pensioner] not equal to eight years worth of payments for an eight year contract?
Time Value of Money: Would you rather have a dollar today, or that same dollar in the future, say in one year? How about eight years? The answer is simple: Give me my money now! The time value of money simply illustrates that since we can earn interest on money we have today, it will be worth more in the future. Conversely, if we have to wait to receive money in the future, those same dollars are worth less today. This is called “discounting”, and is the basis for our pension funding business model. Put another way: If we pay an up-front lump sum for your future pension payments today, and we will not be repaid for up to eight years, should we not be repaid a greater sum over that time than the amount we advance now? Of course we should! Our computer software program considers the eight-year contract and presents comparable interest rates of other unsecured interest bearing instruments to compute the estimated amount of the lump sum payment we offer.
Are there ways to repay the loan early?
This program is not a loan. Early repayment is not an option. 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 payments when they are received, for a specific period of time.
Can you 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. If you currently do not have insurance, then low-cost coverage is available.
If you do not already have a qualifying policy, and need a new one, take a look at EFinancial.com, a discount life insurance agency licensed in all 50 states. They have a full time staff to help assist pensioners get their policy quickly.
What happens to the COLA (Cost of Living Adjustment) annual increases?
We pay a lump sum for a specific pension payment amount to be received each month or year, so we are not entitled to the pensioner’s COLA increases. Any increases received are immediately deposited into the pensioner’s bank account before the 15th of each month (for monthly pension payments) or soon after receipt other than monthly.
Once the estimate is prepared, we will return it to you with more information and directions on how to proceed when you are ready to get your lump sum cash payment. Are you ready to find out how much you can get if you sell your pension payment?