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HECM for Purchase Recap |
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Interest adjusts > |
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| Sales price of your new home |
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| Less HECM funds for home purchase |
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| Cash needed
for home purchase |
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HECM for Purchase Details |
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| Interest rate index |
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| Plus
today's lender margin |
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| Initial
note rate |
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| Plus
HUD mortgage
insurance |
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| Initial
effective
loan rate |
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| Monthly Service Fee |
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| HECM
total funds available |
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| Less HUD mortgage insurance |
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| Less loan origination fee |
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| Less third-party closing costs |
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| Less service fee set-aside |
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| HECM funds available after
closing |
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| Purchase price of your new
home |
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| less your
new mortgage debt |
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| Equity in your new home |
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