The mortgage elimination method is a technique that helps people save thousands of dollars through paying off mortgage before retirement. Doing this would spare you from having to spend your retirement savings towards a mortgage payment and will let you live a life that is absolutely debt-free.
The reason why most of us do not eliminate our mortgage before we retire is that there are so many choices that we feel paralyzed and don’t take action.
The second reason why we don’t end up living debt free is that when we choose to pay off our mortgage, we usually get excited about this and spend extra money towards for mortgage payment every month.
But this only lasts for a few months and we eventually quit making extra payments. Other priorities always tend to pop up and we are not able to settle our accounts sooner.
Choosing a systematic technique is the key for you to successfully eliminate your mortgage earlier. You may want to stick with making extra remittances every month but there is not much system in that. Certain circumstances may hinder you from making such contributions. Eventually, you would already find it hard to achieve your goal of living a debt-free life after you retire.
The biweekly mortgage accelerator program is one system that you can use. This requires you to make payments every two weeks. Because you will end up making one additional payment towards your mortgage every year, you will be able to slash seven years off your mortgage and really save thousands of dollars.
But heres the downside. You have other bills to pay and you need to prioritize them so it may be hard for you to make mortgage payments twice a month.
The mortgage acceleration program is another method that can be used to eliminate your mortgage.
The mortgage elimination system uses the home equity line of credit to pay off mortgage early. What you need to do is convert your HELOC into a checking account and use it to pay bills instead of using the traditional checking account.
This technique can help you save thousands of dollars and take 13 years off your mortgage term without you having to change your lifestyle or refinance your mortgage.