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.

 

 

 

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