Paidoff™ vs Traditional HELOC
Understanding Paidoff™ vs Traditional HELOC.
Watch Chris’s video explanation 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 $4,000,000 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 the loan’s inception Millions of foreclosures
Paidoff™ and Traditional HELOC are two different products. Understanding the difference is vital for making an informed decision.
I Want Paidoff™! What Do I Do?
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