About Mastering the Purchase Module
In this Module we go into detailed examples of how to navigate and run purchase scenarios using the HECM Tool.
This lesson reviews how the purchase module works in the HECM Tool. We explain the options if either purchase price or cash available for closing is known and demonstrates how to run different purchase scenarios using the tool.
In this lesson we demonstrate how to run a HECM purchase report using a certain amount of cash as the buyer's budget instead of a specific purchase price. We walk through the process and explain the comparison between buying with all cash and using the HECM program. We further review the loan amount, cash to close, funds available, equity position over time.
Learn how to prepare and run a purchase HECM Tool report or HTR. It shows the process comparing a HECM to a conventional loan. Additional details such as the purchase price, loan options, savings, available funds, closing costs, equity position, and a report summary are included.
In this lesson you will learn how to create a HECM Tool Report - HTR for a HECM comparing to all-cash purchase. We review generating a report to send to the borrower and creating a screen capture video explaining the loan details to recap your initial conversations. Additional explanation for the cash to close, HECM loan amount, closing costs, MIP, available funds, equity position over time, and expected interest rate.