Shred method to pay off home mortgage

[Jackie Bodine]

Has anyone bought and used the Shred method software to pay off home mortgage quickly? How was your experience with it?

[Kerry Baird]

Dang, that's an expensive program! $1847 to learn how to pay off your house using a HELOC. It used to be called the chunk method, or similar. This is how I understand the process: Open a HELOC and use it as a checking account. Transfer $5000 from your mortgage to your HELOC, and use the HELOC as your checking account. Ensure you make more than you spend so your HELOC balance goes down each month. The amount of interest is calculated at a certain time of the month, and you want your paycheck filling up the HELOC balance at that time, so your payment is lowest. When the $5000 is paid back, do it again. Draw another $5000 from the HELOC and pay a chunk of your mortgage off.