Recently a new home loan program has been brought back into our industry. Its not for everyone, but it can be a very unique and useful tool for some. Basically this loan program helps borrowers use their mortgage as a financial tool to pay off debt, save interest and increase their net worth, all without changing how much they spend.
How it works is this: You simply deposit your monthly paychecks directly into this innovative line-of-credit, reducing your loan balance until you pay your bills. While you aren't using the deposited money it keeps your principal balance lower, which can save you tens of thousands of dollars of interest over time. Plus, the money you save on interest remains in the account, further reducing your balance. So, just by changing where you deposit your income, you could pay off your loan years earlier with no change to spending habits or the family budget.
Overall, by flowing your day-to-day income and expenses through this line-of-credit, and parking liquid cash accounts such as savings and CDs in the account, you could accelerate your loan pay-down fast enough to completely pay the loan off in about half the time. Which means, even if you are a baby-boomer, you can actually retire mortgage-free! While this sounds too good to be true, this loan really does work! If this sounds intriguing enough to discuss in greater detail, give me a call.
Here is a link to the video that explains what its all about: http://www.hoamovie.com/
Check it out and let me know what your thoughts are. I would love to hear your opinions.
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