What was your mortgage situation prior to starting with Replace Your Mortgage?
We had a 30-year mortgage (VA Loan) at 3.25%.
Our balance was $364,000, and we were paying an extra $500 per month against our mortgage. At that rate, we were going to pay it off in 22 years.
What is the current status of your HELOC and how many months did it take you to achieve it?
After 11 months, we're now down to $310,000, and we are fully paying for our son to attend Stanford (with no student loans).
At our current progress, we will be free and clear in less than 6 years (70 months, and this includes paying for both kids to attend great colleges).
What was your biggest concern when deciding to join RYM?
It is amazing that more people do not use this method, and it really does seem to be "too good to be true."
I had to build my own Excel spreadsheet that calculated the numbers just like the online calculator. That way, I could fully understand the numbers and know that someone wasn't "pulling a fast one on me."
How has using the RYM strategy changed your life?
I recently turned 50, and I had concerns about not owning my home by the time I reached 60.
With having to put two children through college, how was I going to pay for that and have my house free and clear?
With the RYM information, I can now sleep comfortably at night, knowing that my family will not have to worry about our home or college as I approach retirement.
What advice would you give to a homeowner considering trying the RYM strategy?
It is a big leap of faith going with the RYM, unless you go through the numbers and trust what you are seeing. Take your time, and fully understand how the process works.