Accelerating Home Loan Payoff to Unlock Financial Freedom - Episode 50

We are joined today by our guest, Anthony Rushing, as we delve into the financial strategy that could potentially transform your mortgage and debt repayment journey. Join us as we explore the world of First Lien HELOCs, a lesser-known but powerful tool for accelerating mortgage payoff and achieving true financial freedom. Anthony breaks down the intricacies of this strategy, emphasizing its suitability for those who routinely save and aspire to be debt-free. We'll walk you through the steps, discuss its nuances, and uncover when it makes the most sense for your unique financial situation. If you've ever wondered how to make your savings work harder for you while paying off your mortgage faster, this episode is a must-listen!
About our guest:
Anthony Rushing is a Loan Officer at First Savings Bank, and a First Lien HELOC specialist. He is an experienced Loan Originator focusing on the advocacy, education, and sale of the First Lien HELOC product and strategy.

[@manlin0690]

Just noticed this this morning and shared with my wife. I told her this is exactly what we've been looking for, thank God. Ive been working at doing the same thing with credit cards but i knew there had to be a better way. Ill be reacing out to A.R. before end of week. Keep your 👀 open for me, ill be a new sub as well. God bless and thanks again.

[@financiallyintentional]

I’m so glad you found it helpful.

[@blknubian]

Thank you for this financial education!!

[@financiallyintentional]

For sure!

[@esmeradame75]

This is amazingly explained! I love this video! Love the slideshow!

[@financiallyintentional]

Glad it was helpful!

[@clintjones214]

I fix the transactions by putting a credit card in between. I charge everything I can then before the 20th I pay off my CC so no interest there and I only paid one bill plus the one bill I couldn’t pay with a credit card. I would only interact with the heloc once to deposit second to pay what I can’t charge and third to pay off the card.

[@clintjones214]

Plus I get the points or cash back on all those purchases put into high yield savings

[@financiallyintentional]

That’s an interesting approach. Thanks for sharing

[@jesuszuniga2397]

​@@financiallyintentional you guys hadn't thought of this?

[@nasmarie]

You are welcome 😊

[@tupac42271]

Great content, thanks so much

[@financiallyintentional]

Glad you enjoyed it! Thank you for the positive feedback.

[@marantz747]

very nice....

[@financiallyintentional]

Glad you found value!

[@OC-ep5zz]

I agree, at the moment HELOC 1st lien is not a good option due to the very high interest. If you have to double monthly interest pay on heloc then it would be more beneficial to put extra on the principal.

[@financiallyintentional]

Thank you 🙏🏾

[@jeffstagg3760]

kzbin.info/www/bejne/f6HZf6Jnrc9-aqssi=qO6eAmaRz77NftDk

[@nextjin]

Where can I download one of these HELOC calculators without having to sign up for spam or get dozens of calls to my phone?

[@MsHitjob]

Just to let you know, we DON'T have 1st Lien HELOCs in Australia. We do have LOC home loans, but only a very few financial institutions offer them. Most people get principal and interest loans on a variable interest rate. Which means the rate is tied to the interest rate and every time the rate goes up, so does the payment. I wish we had 30 year rates like you do in the US

[@financiallyintentional]

Thank you for sharing this. I had no clue how the Australian mortgage industry worked

[@jesuszuniga2397]

In her situation she can just throw the month end cash flow at the principal each month. Would work just as well at a lower interest. If she needs the equity later she can just get a heloc. There really is no sense in doing this.

[@ripvanwinkle3432]

The point is to pay off as fast as possible to reduce your 100% interest over the course of the loan to 20%. I think chunking is better than a first lien.

[@ginza1422]

I am not comfortable having the bank hold on to my entire income aside from the mortgage, it seems like a huge chain on the neck. Risk is if you loose your job and cannot put any income on there and end up with a higher interest rate, just doesnt sound right

[@financiallyintentional]

That’s understandable

[@Jesus-kt5dc]

As opposed to what? Losing your job and not being able to make your mortgage payment? With the 1st lien HELOC you can make your monthly payment by simply taking money out and putting it back in. Yes, the balance will go up do to interest but it's a temporary set back. Once employed again, you start putting your income in the HELOC again. So the HELOC is your checking account, emergency fund, HYSA all in one. Have a great day.

[@frisorama]

This is very deceptive. The speaker is trying to sell you a high interest loan. You can use your monthly cash and pay off your mortgage by making the same cash payment every month to your mortgage company and pay off the balance fast and save a lot of interest.

[@financiallyintentional]

I don’t think it’s deceptive and you can do this on your own. However this service does automate it for you.

[@zulya98]

So she couldn’t do this interview without interrupting the guy, babysitting

[@financiallyintentional]

Being a mom is something I'm proud of and I get things done. The kids don't stop the show.

[@ebonywinn50]

And? If she neglected the kids, some of you would have something slick to say. I focus on the information 👍🏾