About Mastering the Refinance Module
A step-by-step explanation of how to navigate the module and calculations for refinance scenarios. It includes information about inputting data such as home value, mortgage balance, and mortgage payment, as well as comparing different loan options and analyzing the results using charts and graphs. Learn how to generate a PDF of the HECM Tool report and make edits to the options.
A step-by-step explanation of how to navigate the module calculations. It includes information about inputting data such as home value, mortgage balance, and current mortgage payment, as well as comparing different loan options and analyzing the results using charts and graphs.
Learn how to navigate a refinance scenario when a borrower does not have enough equity to pay off their mortgage balance using a home equity conversion mortgage. They would need to bring in cash to close the loan. In this lesson we walk through the process using different loan options.
In this refinance scenario we review a borrower that owns their home free and clear. We walk through the steps of running a refinance scenario, choosing different options for comparison, and analyzing the results. It includes information on expected rates, HECM loan amounts, home equity, closing costs, optional fixed monthly payments, and the line of credit and loan balance over time.
In this refinance scenario the borrower pays off their current mortgage and has extra cash in the form of a line of credit. It explains the process and compares different options available to the borrower.
In this refinance scenario the borrower has enough funds to pay off their existing mortgage with the HECM and a little bit extra, but they do not qualify for a second year line of credit. The lesson explains how this scenario would work and compares the advantages and disadvantages of different rate options.