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Step 3: Defining Your Financial Needs and Preferences
Step 3: Defining Your Financial Needs and Preferences

The table below lists various senior needs, and indicates the HECM option that can help meet it. Each need is linked to an article that explains how the option can satisfy the need.

Enter Information About Your Financial Needs
(The Professor Needs This to Determine Whether a HECM Will Help You)
Cash Needed Upfront To:
Pay Off Existing Mortgage (Required)*
Pay Off Short-Term Debt*
Purchase a House*
Purchase an Immediate Life Annuity*
Purchase Financial Assets*
Monthly Payments Needed Starting Immediately:
For As Long As You Live In the House*
For a Limited Number of Years*
Credit Line Needed to:
Meet Unexpected Expenses, Special Occasions*
Offset Loss of Pension From Death of Spouse*
Insure Against Depletion of Financial Assets*
Stabilize Spending*
Attitude Toward Leaving Home Equity to Your Estate (Indicate with X)
I Have no interest in leaving anything in my estate
I Would like to leave something but not at the cost of doing without
Estate has a high priority, I want it to be as large as possible



Enter Information About You and Your House
(The Professor Needs This to Calculate How Much You Can Draw)
Birth Date of Youngest Borrower: (ex: 3/15/1940)
Property Value: (ex: 300000)
Property Zip Code: (ex: 90210)
Existing Mortgage Balance and Liens: (ex: 120000)
Any Residents in House Not Covered by the HECM?
Yes   No