Home Equity Conversion Mortgage Specialists
Home Equity Conversion Comparative Examples...
What does your available cash with a HOME EQUITY CONVERSION MORTGAGE (HECM) look like at closing? Below examples compare the same home first with a mortgage required to be paid off from the available equity, if enough equity is available, and when the home does not have a mortgage needing to be paid off.
The above Cash Proceeds Remaining Available are the piggy bank's initial funding. This funding did not require personal deposits from the homeowners available cash. The homeowners already had this Money in the Walls, available equity just sitting there, not growing.
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Without a HECM, the homeowners won't have access to this money until the house is sold. With a HECM, the piggy bank money begins growing at closing, currently approaching 7.0 % annually, and doubles in approximately 10 years.