Michael Lush

Why Ann in Utah Was Worried About Rising Interest Rates... Until She Did the Math

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

We had a 30-year mortgage with a balance of $310,000. We had moved a lot in previous 16 years, so the mortgage was six months old with no end in sight for payments.

Lots of interest paid for years on home loans and closing costs and selling costs every time we moved.

This ate up most of our equity, so we also had a private mortgage insurance of $80 on the mortgages all the time.

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

After one month, we have reduced the HELOC by $60,000, and see it going down more each time we get a paycheck.

It is such a blessing to us and has opened the eyes of many of our friends to new possibilities. This is so exciting for us.

What was your biggest concern when deciding to join RYM?

We analyzed numbers a lot on our own spreadsheets to make sure the math would work for our income and expenses — and to learn how interest rate changes would affect the HELOC.

When we could see that the interest rate wasn't the biggest factor in the paydown of the HELOC, we started seeing how much this would help our family and keep safety and liquidity for "rainy day funds" that we hadn't been able to do before.

Then we got a credit card with zero interest for six months and plan to use our HELOC to grow our investment properties as well. It is truly the best financial tool we have ever used.

How has using the RYM strategy changed your life?

We feel so much more confident that we can reach our investment goals much faster than we thought possible.

Not needing to worry about money means we can serve people in our church and our friends and family even more.

Knowledge really is power, and this HELOC lets us have so much more freedom and control about how we pay for regular bills, while still creating safety and help for getting our house paid off much more quickly.

I know it will help many of our friends create great things for their families as well. And creating financial freedom makes a world of difference in how we can spend our time. Time is so much more valuable than money, in and of itself.

Letting the HELOC math work for us puts us in the driver’s seat as far as when and how much we can give back to others with our time and service.

It is just so totally exciting to see plans moving forward that we have worked on for years. And give our college children hope that they can do the same. They can relax and figure out how to contribute doing work they enjoy, and make the math happen to benefit them as well. It is going to grow so many good things in so many areas of our lives. What a great opportunity for us.

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

Try it. You will be glad you did.

Work through your concerns and ask questions. Learn and think about possibilities. Let the knowledge and new doors opening make your lives and dreams possible in ways you never imagined.

Michael Lush

Disclaimer: Replace Your Mortgage does not offer mortgages, Helocs, or loans of any kind. Replace Your Mortgage is not a bank, and does not provide credit offers. Replace Your Mortgage is strictly for educational and informational purposes only.
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