What was your mortgage situation prior to starting with Replace Your Mortgage?
My wife and I bought our home for $125,000 in 2011.
When we started RYM, we were down to $115,000 with a refinance in 2016 to lower the payment.
What is the current status of your HELOC and how many months did it take you to achieve it?
Since joining RYM in March 2018, we received our HELOC in June, added $50,000 of debt to the HELOC and have already paid down close to $12,000. in addition to paying monthly bills so far.
What was your biggest concern when deciding to join RYM?
My biggest fear was actually the fee for joining RYM. I have been burned in the past with my previous condo that went EXTREMELY upside-down, by a company promising to help eliminate some of the upside-down debt on the condo. Instead, they took me for $4,000.
So, needless to say, I was petrified handing money over to another company that had what looked like a great opportunity. But I got over it by sticking to my roots of being a numbers person, and the numbers did not lie.
The final decision of whether to go Gold or Platinum was made by my conversation with George Underwoody, in how he did not pressure me for an answer and allowed my paranoid questions. BEST DECISION EVER.
How has using the RYM strategy changed your life?
I'm only in about 4 months, but RYM has changed the way I look at my finances. The HELOC strategy has allowed my family to pay down our debt on the house with an assurance that the money is still available if it is needed.
I have tried paying extra in the past (with a mortgage) but found that it sometimes caused me to miss out on opportunities later.
What advice would you give to a homeowner considering trying the RYM strategy?
Run the numbers. Simply that. If you don't know how or are bad with numbers, get an accountant that you can speak to about running the numbers. You will see how this strategy will work for you.
The only other advice would be to maintain discipline and patience. Setting up the HELOC is not a sprint. It's a cross-country run.
