Paidoff™ vs Traditional HELOC
Understanding Paidoff vs Traditional HELOC: watch a video explanation by Chris
and learn about the key differences between these two options.
Paidoff TRADITIONAL HELOC
- 1st Lien Position 1st vs 2nd Lien 2nd Lien Position
- Line of Credit up to $2,000,000 Line of Credit usually capped at $500,000
- Variable Rate based on 1-Year Constant Maturity usually lower Variable Rate based on Prime Rate usually higher
- You Pay Simple Interest You Pay Compound Interest
- Full access to the funds for 30 years Full access to the funds for 10 years
- No closed or modified accounts Closed or reduced accounts to the current balance.
- Principal and Interest are tax deductible. Tax Deductions are limited.
- Monthly payment is not required when funds are available Must repay for the next 20 years after 10-Year draw period
- Not a single foreclosure since loan’s inception Millions of foreclosures
Paidoff and Traditional HELOC are two different products. It is vital for you to understand the difference so you can make an informed decision.
I Want Paidoff™! What Do I Do?
Click on the Let’s Get Started button or contact us. We will advise you on how to pay off your home Much Faster!
