What was your mortgage situation prior to starting with Replace Your Mortgage?
We had a 30-year with balance of $265,000 when we joined RYM, as this was a fairly new mortgage.
What is the current status of your HELOC and how many months did it take you to achieve it?
After 12 months, we have reduced principal to $250,000, which is killer considering we have also paid down other debt during that time.
What was your biggest concern when deciding to join RYM?
Interest rates. But, after doing the math and going over the videos, it just made sense. It is true that we are interest-rate-immune.
How has using the RYM strategy changed your life?
RYM has taught me how to make my money work for me.
It has showed me that a “normal” person like me can use a simple strategy to open up a number of investment opportunities. That gives me great hope for the future.
What advice would you give to a homeowner considering trying the RYM strategy?
Just review the math and strategy and reach out to other members for real-life, real-time references.
What was your mortgage situation prior to starting with Replace Your Mortgage?
We had a 30-year mortgage at 3.25% starting in 2013. Our beginning balance was $190,000.
When we began with RYM, our balance had gone down to $168,000.
What is the current status of your HELOC and how many months did it take you to achieve it?
It took us three weeks to get the HELOC.
In two months on the strategy, we have been able to reduce our balance to $138,000 by using what we used to keep in checking / savings and putting it to work for us instead of losing money.
What was your biggest concern when deciding to join RYM?
I really thought it must be too good to be true. I tried to find errors in the logic, and I was not able to.
The math made too much sense in my mind for it to not work. It really is just math.
But I wanted to see if I was going to be locked into the process with no way out (without losing a ton of money). When I found out you could always refinance into an old-fashioned loan, that gave me some peace.
How has using the RYM strategy changed your life?
We are now thinking about how we can use our money in a much more efficient manner and leverage our money to provide the biggest impact.
We’re looking forward to the future. We really needed this, since my career recently ended due to my health conditions. Yet the future is brighter now than it was even before my health situation changed.
What advice would you give to a homeowner considering trying the RYM strategy?
Just try it and go for it. It will quickly pay for itself, and there is always a way to get out if you aren’t thrilled with the results. If you are spending less than you earn, this can work for you.
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!
