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105. Debt-Free Dreams - Mastering the SHRED Method for Financial Freedom with Adam Carroll - Part 3 of 3

Millionaire University

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#2 Using Home Equity Line of Credit to Pay Down Mortgage

Using a Home Equity Line of Credit (HELOC) to pay down a mortgage involves strategically utilizing accessible funds to make mortgage payments. By directing income into the HELOC and then using it to pay off a significant portion of the mortgage at once, homeowners can accelerate their equity growth substantially. This method leverages the cyclical nature of the HELOC balance, which can only be zero or negative, allowing for interest savings and faster equity accumulation. By making large lump sum payments on the mortgage through the HELOC, homeowners can potentially skip years of mortgage payments and save a substantial amount on interest costs. This strategy highlights an underutilized financial tool that can lead to significant financial benefits if used effectively.

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