Using a HELOC to quickly pay off your mortgage?

[Mike Vogell]

I have seen a few "Gurus" talking about using a HELOC to pay large chunks of your mortgage and then use your HELOC as a checking account and put your paycheck into the HELOC to help with payment of the HELOC, or something to that effect. I'm not exactly sure how it works, but has anyone done this to pay off your mortage? They say you can take a 30 year and be out in 5. Looking to get out of my mortgage ASAP to start investing in RE.

[Carlos Tavares]

Hey there 

My 5cents , just pay more every month, it’s the simplest way ,paying a 30yr in 5y just means your paying all the principle (as extra payments) in a short amount of time , I would suggest not using a heloc to do so just make extra payments as much as you can reasonably afford and you’ll be fine,  hope this helps