Elliot Hallum, a Williamson county realtor, used to be the guy slaving away to pay off his mortgage (like most people) with dreams to own some investment properties; now he has access to cash for those promising real estate deals.

No, he didn’t win the lottery or increase his income, he simply learned how to better use his current assets to FIGHT INTEREST and pay off his principle more quickly.

Let’s take a look at what changed for Elliot:

The Big “Death Pledge” Problem:

Elliot Hallum used to be an average guy with a standard 30-year mortgage, working himself to the bone to pay it off.

Unfortunately, this debt that hundreds of millions of Americans have to incur was keeping Elliot from pursuing his true passion:

“When I don't have a mortgage to pay, I don't have to work for money. I can work because I like doing what I'm doing which is helping people find, buy, and sell real estate investment properties that create passive income”

 

Elliot always had a knack for finding killer real estate deals...trouble was, he never had the liquidity to capitalize on them HIMSELF. He always had to pass the opportunity along to “the guys with the big bucks.”

This really bothered Elliot. He studied the numbers and knew his income wasn’t the problem...it was his MORTGAGE:

“I understood the amount of money I was spending on interest would DOUBLE what I was paying for my home with a standard 30 year mortgage.”

 

The reason banks say these are “the norm” is because they make a TON of money from mortgages...that’s why they push them so hard.

Luckily, Elliot decided to investigate other options...and that’s when he learned about Home Equity Lines Of Credit (HELOCs for short)

The Solution:

A HELOC is a less-well known type of financial product that allows you to utilize the full amount of your assets to FIGHT INTEREST and pay off larger chunks of your home’s principle QUICKLY.
It’s what the wealthy have been using for YEARS and the tool Elliot used to shorten his payoff period from 27 years.

So why haven’t you heard of them?

Because banks don’t make money from them. Banks are in the business of making money so they sell the most profitable product...which results in you paying nearly twice the value of your home.

They neglect to mention the products that are best for YOU, and that’s why we created Replace Your Mortgage.

In fact, here is a video of Elliot talking about the transition and his succes story.

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Who We Are:

Hi there, I’m Michael Lush and I’m a recovering mortgage broker who spent 15 years pushing standard mortgages.

I say “recovering” because three years ago I stumbled across HELOCs and, after going through the process myself, started teaching others like Elliot how to use HELOCs to pay off their homes in 5-7 years.

Since then, my partner David and I have helped over 525 people navigate the HELOC process and accelerate their payoff period.

How We Can Help:

Most people are skeptical when first hearing about us because "it's not what everyone else is doing."

Elliot was the same way and that’s why we told him to start small: We told him to get a copy of our FREE ebook to learn more about how the process works.

Once he saw that what we talk about is MATH, NOT MAGIC, he decided to make the leap.

Now he can use all of the money that would have gone towards interest payments on a standard mortgage to doing the things he really wants...like investing in HIS OWN REAL ESTATE DEALS:

“Right now, I'm maintaining a sizable amount of liquidity in the HELOC so that when a great opportunity arises I can pay cash and close quickly.

I'm not limited to properties that can get financing. That gives me an advantage over other investors.”

So if you're serious about finding a way to acquire more real estate investment deals (and not lining a bank's pockets by paying interest on your mortgage), subscribe  below to get your free copy of our ebook.

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Greg's Journey Started By Downloading Our Free Ebook Which You Can Get Below
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Congrats to Greg Michne and his wife Stacey who cut $25k off his mortgage in just 9 short months while still finding time to make maple syrup as a hobby.

Yeah, the dude makes his own maple syrup!

No, he didn’t win the lottery or increase his income, he simply learned how to better use his current assets to FIGHT INTEREST and pay off his principle more quickly.

But before I jump in on HOW Greg did this, let’s take a look at Greg’s background so you can see he isn’t some superhero or statistical anomaly.

Like many, Greg and his wife Stacey had a lot of student loan debt so the burden of more debt for a mortgage was a double whammy.

To make matters worse, the unending tunnel of payments made it all the more obvious that Greg would struggle to fulfill his dreams of investing in real estate.

His dreams weren’t to buy Ferraris or jetset around the world, he simply wanted to construct his own destiny and not owe anyone else money.

“My wife and I as a family we just want to be free and have a healthy financial future.”

But it wasn’t Greg and Stacey’s lifestyle that was preventing them from being financially free, it was their mortgage.

See, the standard mortgage most Americans utilize when buying a house are front-loaded with LOTS of interest.

The average mortgage has the majority of your payment going to interest until about year 18:

heloc mortgage interest

Banks push this product because “it’s what everyone does”…AND because it makes them a TON of money.

Greg was just another American who had signed his “death pledge” (the literal translation for the word ‘mortgage’) and would be paying off his home for the next 30 or so years.

But that’s when he learned about a Home Equity Line of Credit (HELOC for short).

A HELOC is a less-well known type of financial product that allows you to utilize the full amount of your assets to FIGHT INTEREST and pay off larger chunks of your home’s principle QUICKLY.

So rather than eating away at the principle little by little, you can make a major dent in your debt rapidly without having to make an additional cent of income.

HELOCs take the power of compounding out of the hands of the banks (who earn compound interest on your mortgage) and put it into YOUR hands in order to shorten your payoff period.

Greg and Stacey shortened their payoff period from 27 years to 58 months (just shy of 5 years)…and saved $285/month because they didn’t have to pay PMI.

Now they can use all of the money that would have gone towards interest payments on a standard mortgage to doing the things they really want…like investing in more real estate.

“Honestly long before it’s paid off I’ll be buying more rental property and increasing cash flow.
I’ve always wanted to have a lot of land and with this I can actually see that as a possibility rather than a pipe dream.”

 

The key to YOU getting the same type of results is learning about the math and understanding what it takes to be successful utilizing a HELOC…and that’s EXACTLY why we created Replace Your Mortgage.

We were tired of seeing people like Greg & Stacey fall victims to the “Interest Heavy” jaws of the standard mortgage, so we created a business that teaches them how to successfully utilize a HELOC to move their debt-free date up years (if not decades).

So if you’d like to spend your money on things you actually care about (instead of loan interest), click on the link below to start educating yourself.

 

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Dave Ramsey is great but does he have it wrong on home equity loans? Should you pay cash for a home even if you can? We talk about it here. Hey - Do you agree with me? Disagree and think I am way off base?

Transcript

Hey, folks. This is Michael Lush. Recently came across an article where Dave Ramsey's talking about a home equity loan. Quite frankly, I don't disagree but I think there was a miscommunication there because he's giving his listeners information regarding a home equity loan and most of those listeners are thinking that pertains to a home equity line of credit.

Again, they're two separate things. Dave's talking about folks using a home equity loan to pay off debt or payoff credit card debt which creates bad habits. They already had bad habits. All they're doing is taking out more debt to pay off that debt and they still have the credit cards and they still rack up more credit cards.

Again, I don't disagree with him. I have the most utmost respect for Dave Ramsey, son of a Christian. Dave Ramsey misses the mark on a couple concepts. Again, he's focusing on a home equity loan. That's an entirely different product of what we talked about.

A home equity loan is extra debt on top of your mortgage. What we teach is using a home equity line of credit to replace your mortgage. I would not encourage you to get a home equity loan but I would encourage you to get a home equity line of credit to pay off that mortgage.

What's more risky? To have a 30-year mortgage where you buy your house and one of the bank or have a home equity line of credit where you pay it off in 5 to 7 years? Let's take an example of a 250,000 mortgage at 4.25%.

If you finance that on a 30-year mortgage, you're actually going to pay $206,000 of interest. You're actually going to pay $456,000 for that $250,000 house. Now, if you got to ask yourself, at what point is my $250,000 house going to be worth $456,000? The most common answer is a long time, if ever.

Is it worth it? We have to change our mindset to look at the total cost of a home versus just the purchase price because the purchase price does not dictate the total cost of a home if you're financing it.

Instead, if you're going to take that same $250,000, use the cash flow strategies that I teach, you're going to actually get it paid off in 5 to 7 years, instead of paying $205,000 of interest, you're going to pay $53,000. Again, it actually takes less discipline to do it my way than it does to segregate your money and make separate payments to your mortgage over 30 years.

Again, if you like this video, be sure to comment below. Whether you agree or disagree with me, it doesn't matter. I'd like for you to comment below and let's debate this. Again, subscribe to our channel so you get more videos. Take care. God bless. Thanks for watching the video.

Home Equity Loan VS Mortgage. There is a big difference and you should know about each of them.

Transcript

Hey gang, Michael Lush again. Wanted to talk today about the differences between a mortgage and a Home Equity Loan. See, a mortgage is a compounding interest, closed-end loan. Meaning, money can only go in, it cannot come out.

It's usually in first lien position, so when you buy a house, you get a mortgage. That's what 99.3 percent of all Americans do. Now that's a mortgage. Let's talk about a Home Equity Loan. A Home Equity Loan is typically a second lien position. Basically, a second mortgage behind your first mortgage. Really, it's just more debt, with the same problem of having the wrong product to use to pay off your home.

Instead, I actually recommend using a Home Equity Line of Credit. In fact, in Australia, 80 plus percent of citizens use a Home Equity Line of Credit instead of a mortgage. They call it a "Offset Account". They also happen to be the highest population of second home ownership, probably because they can pay for two homes in half the time that it takes Americans to pay for one.

Again, we recommend using a Home Equity Line of Credit, treating like your savings and checking account, and you'll accelerate the payoff of your home much faster, and actually, much easier, than paying off a mortgage.

Now, if you like this video, please "like" below, and also check out our other videos, and subscribe to our channel. Thank you and God Bless. Thanks for watching the video.

A home equity line of credit is great...and smart to have instead of a traditional mortgage. However, don't make these mistakes when it comes to HELOC's. If so, you might as well stay on the treadmill of having a traditional mortgage. It's not going to allow you to pay off your home in 5-7 years like we teach our clients. Watch as we talk about two common mistakes or risks with a heloc.

Transcript

Hey gang. Michael Lush again. As you can see I still haven't shaved, still growing it out pretty long. It's probably not a whole lot longer than the last video you watched. What I want to talk to you about is ways to use a home equity line of credit properly, and some of the most common mistakes that people have when using a home equity line of credit.

One, you don't want to treat it like it's a separate loan, so that you put money in a checking account and you just chalk that portion of your loan up as a different payment and you segregate your money and you just make a payment towards it. The purpose of the strategy is to use it like it's your checking account, so all of your money goes into it.

Now, something else that I make sure that my clients do not do, and when they call me I kind of interview them to make sure that they don't have these types of personality.

1) You don't want to use your home equity line of credit improperly. Most home equity lines of credit, when they give you a payment that's due at the end of each month, that's going to be the interest only portion. That's why the payments are extremely small. Don't pay just that payment. Again, treat it like a checking account. Put all of your money into it, and don't worry. You can get your money back out. If you only made the minimum payment, it's like being on a treadmill. You're not going to go anywhere.

2)...You're going to build equity extremely fast. Say you use my strategy and in 12 months from now you've got $100,000 of equity and you've always wanted an S-class Mercedes. Me too. I think they're great. Then you swipe your card and go get an S-class Mercedes that's going to depreciate 10% as you drive it off the lot, 30% in the first year.

That is the exact wrong way to use a home equity line of credit. If we are going to pull money out, we're going to pull it out for investments, and very specific investments, investments that pay dividends, cash flow, so that way when you're pulling it out you can actually pay it off even faster.

If you like this video be sure to click the like button below. Subscribe to our channel. We've got some more videos that we believe that you would love. Again, this is Michael. Thanks and God bless.

Rates are looking good so you decide that you want to refinance your home. But do you refinance to a HELOC or a traditional mortgage? Let's talk about it.

Transcript

Hey gang, Michael Lush. We recently got a question from a subscriber. "Should we refinance or get a Home Equity Line Of Credit?" Both. See, a lot of folks think that a Home Equity Line Of Credit again, is a second mortgage above and beyond your current mortgage.

What I would suggest you to do, is refinance your current mortgage into a Home Equity Line Of Credit. Instead of getting two loans, you're actually getting one. You're replacing your current mortgage for a Home Equity Line Of Credit.

That way, you've got the proper tool to put all of your money into each month, pull money out as you need it to pay for bills, and you're going to accelerate that and pay it off, on average, in five to seven years. Way easier than having a traditional mortgage. If you like this video, again, "like" below, and subscribe to our channel. Thank care. God Bless. Thanks for watching the video.

So you have decided to pay off your home faster so you are not burdened by your biggest debt. Awesome! Congrats on your decision. So which option works best? You could do bi-weekly payments. you could make extra payments. You could even switch home loans to a HELOC. Which one will work best for you? Our latest video will show you.

Transcript

Hey folks. Michael Lush. I recently got a question of what different ways are there to pay off a mortgage fast? There's actually four. One of the ways is actually about reducing your terms. Let's say you have a 30-year mortgage term.

If you do the Dave Ramsey method you could actually take a 10-year mortgage. Here's the issue with that. You're going to have a lot less flexibility because on a 10-year mortgage the payment is going to be substantially higher than it would be on a 30-year mortgage, but you'll no doubt be forced to pay it off in 10 years.

Now, there's no flexibility again, so if at the end of the month things are getting tight, guess what? You are under contract to make that 10-year mortgage payment. This requires quite a bit of discipline.

Another form is actually making extra payments. You've got a 30-year mortgage and you've got some residual income, throw some extra money towards your mortgage at the end of each month. Another common way is biweekly payments. A lot of banks and services will actually charge you money to give you the information I'm about to give you for free, how to set up biweekly payments.

When you refinance into a mortgage, which I don't suggest you do, but I'll get to that later, but if you were to refinance into a mortgage how you set up biweekly payments is you've got a payment deferral of either 1 month or 2 months. Everyone's guaranteed at least a 1-month payment deferral.

Before you make your first payment you know who you need to make it to, so go ahead and make a full payment ahead of time, and then when it's actually due take your mortgage payment, cut it in half and then pay that every 2 weeks.

You basically just set up your own biweekly payment plan. On a 30-year mortgage, paying biweekly can accelerate the payoff by 5 to 7 years, meaning you'll take a 30-year mortgage down to 25 or 23. That's pretty good. That's a lot of savings when doing biweekly.

Here's something that's way better. Actually refinance the entire mortgage into a home equity line of credit. Let's say you take out a $300,000 mortgage on a 30-year term at an average interest rate let's say 4.25. The payment is going to be roughly $1475 per month, principal and interest, excluding taxes and insurance. What if we were to take that same $300,000, put it onto a home equity line of credit and actually not pay more, not pay less, but pay the same, $1475? This kind of gives us our baseline barometer of what's better, what actually computes faster?

Wouldn't you know it that a home equity line of credit will actually be paid off in 24-1/2 years paying $1475 for the exact same terms as a mortgage, so as you can see, it's faster. What we teach, again, is don't just make a payment to it. Treat it like it's your checking account, so put all of your money into it and pull money out as you need it for expenses, because if you make more money than you spend, you're actually treating your home equity line of credit like a savings account.

That is going to accelerate it, again, on average, paying it off in 5 to 7 years. It's really that simple.

So you have done your research and found out the shocking truth that using a home equity line of credit (heloc) will allow you to pay off your home faster. Good for you. The problem is you just purchased a home so how long do you have to wait before you can get into a HELO? The answer really might surprise you.

Transcript

Hey, gang. Michael Lush. We got a question of ... What was the question again?

Recently, got a question is how long does one have to wait in order to refinance into a home equity line of credit? There's actually 3 parts to that answer, or actually 3 answers. One is you can actually buy a home using a home equity line of credit, so you don't have to wait.

Quite frankly, on a traditional mortgage, I don't know if you realized this, but they have what's called a truth in lending disclosure that basically tells you that you're buying your house at the end of 30 years, but, by the way, we're going to buy the bank one as well. Thank you very much. Instead of using a traditional mortgage, you can actually purchase a home using a home equity line of credit.

A home equity line of credit is a bank product, it's not a government loan. Each bank and credit union has their own policies and terms and appetite for risk. Although some may allow you to purchase using a home equity line of credit, others may force you to wait 6 months to be in the home, and owner of record for 6 months before you actually refinance into a home equity line of credit. That's typically the worst case scenario.

Actually, I've talked to a couple of banks that don't have any seizing requirement, but they don't allow purchase. Now, what this means is you don't have to be owner of record on your home for any period of time in order to qualify for a home equity line of credit. One would think, "Okay. Well. That's great. Now, I can purchase a home using a home equity line of credit since the bank doesn't have any seizing requirements." Some banks actually have a policy that don't allow you to buy a home using a home equity line of credit.

I've asked this question to numerous bankers and underwriters, "What you're telling me is that I could buy a home using a traditional mortgage on Friday, and then turn around on Monday, refinance to a home equity line of credit?" The answer is yes, unfortunately.

Again, this philosophy and strategy that we teach just hasn't caught up to underwriters and bankers. We can still use it, but it just means you can't buy a home with their policy, but you can refinance it the next day. Doesn't make any sense, I know.

When I am conducting free discovery calls with homeowners wanting to pay off their home in 5-7 years, I come across a few misconceptions people have about home equity lines of credit that I would like to clear up. Some have heard of a heloc before but not from a professional that knows them well like myself. Here are some misconceptions that I hear. See if you have these same misconceptions as well.

Transcript

Hey gang, Michael Lush. We're going to talk to you today about some very common misconceptions that I get when I talk to my clients on the phone. They'll call me up and say, "Michael, one thing that we didn't quite understand about the strategy is that a home equity line of credit being a portion of the equity. We only have 10% equity in our home, how are we going to use that to pay off our existing mortgage?"

It's actually very simple. A lot of folks don't realize that a home equity line of credit can be a first lien position loan. When I did mine 2 years ago, I only had 10% equity in my home. I called the bank and said, "Look, what I'm going to do is I'm going to refinance my existing mortgage into a home equity line of credit."

You're not having 2 loans at the same time, you're just substituting one for the other. Sometimes you don't need any equity at all. In fact, we found dozens of banks that do 100% financing. Primarily we like folks to have a little bit of equity. We're not using that equity so the misconception comes in the name of the type of product that we're talking about because it is called a home equity line of credit. In fact, that's where a lot of bankers get confused too.

They're also thinking no differently than you because nobody's coached them or told them how this works. They're thinking that you can only use it in a second lien position and use the equity that's available above and beyond your mortgage.

Nothing could be further from the truth. You can actually refinance your mortgage into a home equity line of credit and that be your only loan. Again, if you like this video, we have others we'd love for you to check out. Be sure to like this video if you did like it and also subscribe to our channel it says get, yep, more videos. We'd also like for you to subscribe to our channel. Again, take care and God bless. Thanks for watching the video.

Several homeowners get confused between a home equity line of credit and a home equity loan. Here is what you should know when it comes to both loans.

Transcript

Hey gang. Michael. I want to talk to you today about the two distinct differences between a home equity line of credit, and a home equity loan, because most banks in in credit unions offer both products. You have got to make sure that when using our strategy, you use a home equity line of credit, not a home equity loan.

See, a home equity loan, we'll start with that, is one lump sum cash that the bank gives you for home improvements, or to consolidate debt.

Let's say they give you $25.000, now they're amortizing that loan, $25.000, over 20 years. You have a fixed payment for 20 years, until it gets paid off. With the home equity line of credit, money moves in and out freely, so as the balance goes down, so does the payment.

We're actually going to use that as a checking account, so you have to have the tool, that when you're putting money in, you have to be able to pull it back out. With a home equity loan, you can only put money in, you can't pull money back out. Thanks for watching our video, again, be sure to subscribe. Look forward to seeing you, take care, and God bless.

In this video, we go over the basic's of what we teach here at Replace Your Mortgage which is to pay off your mortgage faster and quicker with a home equity line of credit (HELOC) instead of getting a traditional mortgage loan from a bank.

Transcript

Hey gang, Michael Lush. I'm a fourteen recovering mortgage banker. What I want to talk to you about today is the basics of what we teach, using a home equity line of credit to pay off your mortgage in five to seven years literally without changing your budget. What I want to explain to you guys today is a little concept that I came across about four years ago. I had a mentor of mine, a very wealthy individual, explain this to me. One this that he explained to me is that a checking and savings account is actually a liability. I always thought of it as asset which really surprised me.

I thought if you had a bunch of money in your checking and savings account, that's quite a bit of an asset. In fact I was completely wrong because today banks are giving you about a zero percent rate of return on your checking and savings account. However inflation is going up on average about one point six percent. Technically your money is moving backwards. What he explained to me is that money cannot remain stagnant, it's either got to north or south.

You're actually losing money every day by putting your money in a checking and savings account, thus your checking and savings becomes a liability. What we're going to do is we want to show you how to bypass that systemic problem and actually use a home equity line of credit as your checking account, because what's cool about a home equity line of credit is it's open ended. Money can move in and out freely, twenty four seven, three hundred and sixty five days a year.

Instead of using your checking account and allowing the bank to then turn around and give your own money back to you in the form of mortgages, credit card and car loans, we're actually going to use a home equity line of credit. You're going to deposit all of your money into a home equity line of credit just like it was your checking account and then you're going to pay your bills out of it just like you would as a checking account.

By doing that you're actually going to accelerate the payoff of your mortgage and cut your mortgage at least by one third. Hold up. I don't think that's right. You're cutting by two thirds actually. You're getting it paid off one third at a time. Instead of having thirty years to pay for a mortgage you're actually going to get a home equity line of credit using your existing cash flow and nothing more, not paying more, not paying less, just changing where your cash goes and you're going to get a home equity line of credit paid of in five to seven years.

Now this is the basic concept of what we teach. We actually go further in depth and we get in some extremely advanced strategies that can accelerate it even further. This is a great tool to build wealth and we get into those as well. Be sure to check out our other videos and subscribe to our channel here. Look forward to hearing from you. Take care gang, God bless.

 

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