Saturday, August 19, 2017
 

Making A Mistake by Paying Off Your Second Mortgage With A Home Equity Line of Credit (HELOC)?

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“Am I making a mistake by paying off my second mortgage with a HELOC?” See more in this video.

Transcript

All right. We recently got a question that asked, “Am I making a mistake by paying off my second mortgage with a HELOC?” Assuming that the second mortgage is a traditional mortgage, absolutely. You want to pay that off with a home equity line of credit. Think of it this way, any type of traditional mortgage where it has an amortization schedule and installment loan, you are leaking money.

Think of it this way, you have a bucket that you’re trying to fill up with water and having an installment loan, mortgage, or car loan, all you’re doing is having holes in your bucket. You’re putting money into that bucket, and by having those types of loans, you cannot get 100% utilization of your money, therefore, your money is leaking out.

By having a home equity line of credit, throw all of your debt into it and also all of your income into it, now you’re allowing your money to work for you while you sleep. Absolutely, you’re not making a mistake by paying off your second mortgage with a home equity line of credit, as long as you treat the home equity line of credit appropriately.

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