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Innovative Strategies
HomeForumsInnovative StrategiesHeloc to pay off mortgage faster
Drew Cameron's profile image
Drew Cameron's profile image
Drew Cameron
  • Lender
  • from Peabody, MA
  • Member since Nov 1, 2015
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Drew Cameron's profile image
Drew Cameron's profile image
Drew Cameron
  • Lender
  • from Peabody, MA
  • Member since Nov 1, 2015
Connect
Drew Cameron
  • Lender
  • Peabody, MA
49
Votes |
82
Posts
Innovative Strategies

Heloc to pay off mortgage faster

Drew Cameron
  • Lender
  • Peabody, MA
Posted Jan 24 2016, 11:09
I recently came across a new strategy that I don't quite understand and it sounds too good to be true. The principal is simple. Use your heloc to pay your mortgage and funnel all your funds in and out of it like a checking account. The interest updates daily so you can pay down principal balance much faster than on a traditional mortgage. With a decreasing principal balance the payments go down each month as you pay it off. Plus you can get rid of other payments by funneling them into your account as well. Has anyone else heard of this? Or has anyone used this successfully?
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