How Chris in Wisconsin Owed $83,000 Less in 18 Months — Even After An $85,000 Home Remodel

What was your mortgage situation prior to starting with Replace Your Mortgage?

We had a $561,000 30-year mortgage at 3.125%.

What is the current status of your HELOC and how many months did it take you to achieve it?

We closed on our HELOC in May 2017 at a rate of 4.93%. After 18 months, our balance is $478,000.

I am a commissionable Account Exec. so I take all income including all commissions and have it directly deposited into the HELOC.

That said, we spent $85,000 to finish our house’s lower level from February 1, 2018 through September 15, 2018. We took withdrawals out of the HELOC to pay the contractors, so the principal reduction is likely more than the $83,000 the statements show.

Now that the lower level is finished, I recalculated the payoff date. We are set for a 52-month payoff! I cannot think of another way that could have us in this great situation.

What was your biggest concern when deciding to join RYM?

My biggest fear was going from a 3.1% mortgage to a 4.93% variable interest rate. Yes, there was also a “too good to be true” factor as well.

How has using the RYM strategy changed your life?

We are no longer worried about retirement…

If I pay my home off in 5 years from now, it will allow me to retire way earlier than we first thought. My home has appraised at $850,000. So, if the market has not crashed (I know, a big if) I can sell it and literally add $800,000 to my retirement portfolio.

That will change our lives!

What advice would you give to a homeowner considering trying the RYM strategy?

Do not wait. Get your HELOC today! Do not worry about the rising interest rates. All the income you put in completely offsets that!