The Debts tab on a candidate is where you record what a client owes outside their mortgage, then ask whether rolling it into a refinance, a HELOC, or a reverse mortgage leaves them ahead. It models the same math as the standalone consolidation calculator in Tools, but runs against this one client's live file instead of a blank report built from scratch.
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7:49Secured Against Unsecured Debt
The tab opens on a snapshot of the subject property: value, equity, loan-to-value, and HELOC room, carried over from the Equity tab. Debts you add split into two groups. A second mortgage, an existing HELOC, or another line already secured against the property counts toward that equity picture and gets paid out on any refinance. Everything else, credit cards, a car loan, a personal loan, is unsecured, and unsecured balances drive the consolidation savings math, since those are the payments a lower-rate mortgage can absorb.
Adding a Debt
Add a row, pick its type from the secured or unsecured group, and fill in the creditor, balance, and rate. Each debt type carries its own typical rate as a starting point. Leave the minimum payment blank and it estimates automatically at roughly 3% of the balance, the usual convention on revolving debt; type your own figure and the estimate stops overwriting it. A secured debt can be entered with no payment at all, since some, like a second mortgage held elsewhere, may only carry a known balance.
As soon as one unsecured debt is entered, a status quo summary appears: current monthly outflow across mortgage and debts, total balance, blended rate, and roughly how much interest the client pays over the next five years if nothing changes.
Running the Consolidation
With at least one unsecured debt on file, Run Analysis becomes available. It saves what you have entered and works out whether folding those debts into the mortgage, refinancing, drawing a HELOC, or, where the client qualifies, a reverse mortgage, beats leaving everything as it is.
Reading the Scenarios
Each eligible option comes back as its own card: new monthly payment, the rate involved, and numbers specific to that strategy, break-even time and penalty cost on a refinance, new loan-to-value and payment options on a HELOC, projected equity at five and ten years on a reverse mortgage. One option is marked recommended, and every card states its monthly saving or increase against doing nothing. An option the client does not qualify for, most often a reverse mortgage before age 55, still shows with its reason rather than disappearing. Refinance and HELOC rates can be edited inline right on the card to test a different quote.
Previewing and Sending the Result
Preview a scenario before sending it, and choose which sections the client sees, debt summary, strategy, what gets paid out, a before-and-after comparison, and the key numbers, toggling each updates the preview live. If your inbox supports text messages, an SMS template sends alongside the report link. Send by email or text once the preview looks right; a scenario already sent shows as sent rather than offering to resend.
What to Do Next
- Read a Client's Equity first if you have not yet confirmed the property value this consolidation runs against.
- Build a Consolidation Report when you want the standalone Report Builder version instead of one tied to a live candidate.
- Read a Candidate's Rate Analysis to see how the existing mortgage's own numbers were worked out.
- Compare Strategies Inside an Opportunity to weigh a consolidation against the candidate's other refinance options side by side.