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Case #1: Bill & Sharon, ages 65-67
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Goal: to pay off current debt and free up cash flow. |
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Home Value: $400,000 |
| Amount Owed: $150,000 |
| Reverse options available:
| HECUM Monthly - $233,600 available.
Interest rate 4.59%
$60,000 still available after first loan paid off.
HECUM LIBOR - $249,000 Available.
Interest rate 3.98%
$79,242 after loan |
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Case #2: Tom, age 65
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Goal: to pay off current mortgage. |
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Home Value: $250,000 |
| Amount Owed: $150,000 |
| Reverse options available:
| HECUM LIBOR - pays off mortgage.
Interest rate 3.98%
Now Tom has much better cash flow |
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Case #3: Betty & James
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Goal: Want more income. |
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Home Value: $750,000 |
| Amount Owed: 0 |
| Reverse options available:
| HECUM Monthly - $386,000 available in lump sum or $2,650 monthly income.
HECUM LIBOR - $406,292 available in lump sum or $2,706 monthly income.
LIBOR rate is 3.9%
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(Note: HECUM is Home Equity Conversion Mortgage and LIBOR is London Inter Bank Offer Rate.
Interest rates are subject to change.)
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