Bobby Kurpinsky here….and what I want to teach you today is the basic principles of paying off your mortgage in 1/3 of the time using a home equity line of credit and best of all without changing your current budget. I came across this concept about 5 years ago from a colleague of mine who explained this is the way wealthy people and homeowners in the UK and Australia have been paying off their homes for decades.
He mentioned the wealthy view money in their checking and savings as a liability since it’s doing nothing for you sitting in there earning close to zero interest. He mentioned that many wealthy and savvy people use a Home Equity Line of Credit as their checking account. You see with a Home Equity Line of Credit or HELOC you can move money freely in and out of this account 24/7 365 days a year. They use this HELOC just like a regular checking account. They pay all of their bills through the equity line and deposit all of their paychecks into the equity line just like you do with your current checking account. By doing this you are going to accelerate your Mortgage payoff and have it paid in full in 1/3 of the time.
So Instead of paying off your Mortgage in 30 years you’re going to open a HELOC using your existing cash flow and just redirect your money through this HELOC instead of your current checking/savings like you’re used to. A simple change like this is going to save you tens of 1000’s of dollars in mortgage interest and allow you to become your own bank. These are just the basics on how this concept works but in 16 years as a mortgage banker I have not found a more profound way to build wealth and become debt free.
Be sure to watch our other videos where we dive deeper into this concept. You can also visit our website for more info below. Take care.