Changing my primary mortgage to a HELOC

[Marc Shin]

I saw a video by Miles Golden and he said you change transfer your primary mortgage to a HELOC, and then you can pay all your bills out of the HELOC and pay off your mortgage in 3-12 years. Is this really possible? What are the pros and cons?

[Chris Seveney]

Quote from @Marc Shin:

I saw a video by Miles Golden and he said you change transfer your primary mortgage to a HELOC, and then you can pay all your bills out of the HELOC and pay off your mortgage in 3-12 years. Is this really possible? What are the pros and cons?

There are many who preach this program but the reality is if you run the actual numbers I would argue that is NOT the case. For example, lets say your mortgage is 4% and you take out a HELOC at 7% and draw $100k. They tell you to pay down your first mortgage then have your paycheck go into the HELOC and then draw against it for your bills.

Ask them to show you a spreadsheet on why this makes sense. The amount of work and effort to get this accomplished and what it really saves you is not what you think it will be. Of ourse there is a cult following for some of these programs who swear by it, but again, its simple math and show the numbers.