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

Prior to RYM, I had two rental properties, each on 30-year terms at 5.25% with about $42,000 balance on each after 7 years.

I used the RYM strategy to refinance both properties into interest-only HELOCs at 5.75%, which unlocked about $35,000 of equity which I could use to find more investment properties.

I’m in the process of building a new primary residence, which I’ll also finance with HELOC, once it’s complete.

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

Our HELOCs on the rental properties just closed a month ago, so we have yet to see the reduction in cost because we haven’t made a payment yet. 🙂

What was your biggest concern when deciding to join RYM?

Biggest fear in joining RYM was paying the fee to join and being left with no support going forward.

This was definitely was NOT the case with RYM. The ongoing, daily engagement from Michael and his team keeps me abreast of the latest developments surrounding the RYM strategy.

How has using the RYM strategy changed your life?

It has given me a vision that I can actually become debt-free within 10 years.

The use of a private FB group also helps reassure me that there are like-minded people out there.

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

Do the math and you’ll find that it works out.

Everyone I’ve shared this strategy with who said it wouldn’t work, didn’t do the math. They just tried to ball-park the figures, which didn’t make sense to them; so they shot it down. Their loss.

Also, remember that the strategy requires financial discipline (i.e., a budget), positive cash-flow, and the ability to obtain a HELOC. Stick to those and it will all work out.