Garywt's Profile

Garywt Garywt is offline

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  1. Ad poster
    04-07-2021 01:03 PM
    Ad poster
    Check out this short cartoon video
    Vimeo Link: Sequence of Returns | Mutual of Omaha Reverse Mortgage on Vimeo
    Bruce Hancock
    Reverse Mortgage Specialist NMLS# 90211
    Mutual of Omaha Mortgage
    bhancock@mutualmortgage.com
    Office: 352-633-3204
    Cell: 609-617-5723
    Home
  2. Ad poster
    04-07-2021 01:02 PM
    Ad poster
    Here are the main difference, and please feel free to email me (below) if you have further questions. I have ended my contract with TOTV until the fall when the snowbirds come back into town.

    Here are the pluses of the HECM over the HELOC (home equity line of credit)

    Let's say that you qualified for $100,000 on both:

    1. The HECM line of credit grows at about 4% per year, the HELOC never grows, but goes down as you use it.

    2. The HECM never requires a payment. When you take money out of the HELOC, you start paying it back immediately.

    3. The HECM can never be called, and there is no time limit. The HELOC usually has an end date (10 years as an example)

    4. If your home depreciates, you can never owe more than the value of your home with a HECM. With a HELOC, you can.

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  • Last Activity: Yesterday 03:58 PM
  • Join Date: 04-04-2016
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