What was your mortgage situation prior to starting with Replace Your Mortgage?
We had a 15-year mortgage of $220,000.
We had $207,918.29 remaining after paying monthly payments for about 1 year.
What is the current status of your HELOC and how many months did it take you to achieve it?
We included $72,000 for a motor home with the mortgage payoff, so we increased the HELOC to $300,000.
After 9.5 months, I have reduced that to $209,000, giving me available equity of about $91,000.
What was your biggest concern when deciding to join RYM?
I was just scared and wondered if my husband would be onboard with it. But, with him being an engineer, he got the math and we went for it.
He passed away in June, but I am confident enough in the system that I am refinancing one of our investment properties to a HELOC.
How has using the RYM strategy changed your life?
I had no financial worries when my husband passed away. With so much to take care of to settle his estate, it was a relief not to worry about money.
What advice would you give to a homeowner considering trying the RYM strategy?
Run the numbers. It may not be the right time for everyone. I think cash flow is very important so, if you are living paycheck to paycheck, you may need to get your spending under control first.