Read Online How to pay off your mortgage using Heloc: saving significant money over the lifetime of your loan Kindle
Published on December 4, 2018SHARETWEET1 COMMENTThere is a creatively sneaky and currently “under the radar” way of paying off your mortgage with greater speed than the traditional mortgage setup. This method is big in Australia and is just now starting to gain steam in the US. This method centers around using a traditional HELOC or home equity line of credit in a non traditional way. While this method works for some, as always, it is wise to check with your financial advisor and decide if it is right for you. There is no one size fits all for personal finance. It’s your future, not a pair of socks. If you are interested in learning how this non traditional HELOC usage works, read on. So here’s how this specific strategy works: You take out a HELOC and then use it to pay off your primary mortgage in chunks. You then treat your HELOC account like your primary checking account and direct deposit your paychecks straight to this HELOC account, using this same account to pay your regular bills. You’ll pay off your mortgage faster making extra payments on your loan with any remaining unused money from your paycheck.
