All Forum Posts by: Brian Cardwell

I guess one could use their savings account. But by using the heloc and not your savings account, you are able to keep your money. Once you spend the money in your savings account it is gone. Then you have to wait to save it up again . It can be a bit unnerving to spend your savings. When you use the heloc, you are not using "your money". You leverage the equity in your home to pay the primary mortgage. You also still have access to the money if you need it. When I did it, I took a heloc for 20k but only used 10k of it. It made it nice to have a little cushion their.

Don, Yes I have heard of it and used it. I had a 252k first mortgage and used this strategy to pay it off in just under 7 years. You have to be really good about not using the heloc for anything else.... IE big screen TV 😀