315-Is Mortgage Acceleration (Replacing Your Traditional Mortgage with a HELOC) Really a Good Idea? Interview with Bill Westrom from www.TruthInEquity.com
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 24 March 2016
⏱️ 96 minutes
🧾️ Download transcript
Summary
On Episode 133 of the show, I had a listener ask me for my opinion regarding the concept of "mortgage acceleration."
Basically, it's the idea of taking out a HELOC on your house instead of (or in addition to) a traditionally amortizing mortgage, putting all your income against the HELOC and then paying your bills out of the HELOC.
The key idea with this strategy is that the average daily balance of your account is lower, reducing your interest payments.
In Episode 133, I was critical of the idea and the book that espoused it.
Today, I've brought the author of that chapter in the book on to defend the idea of mortgage acceleration as vigorously as possible.
Enjoy the show!
Joshua
- Listen to Episode 133 of the show before listening to this interview: https://radicalpersonalfinance.com/133-qa-paying-off-your-primary-mortgage-with-a-heloc-mortgage-acceleration-and-how-save-is-my-deferred-comp-program/
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Transcript
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| 0:00.0 | Today I'm radical personal finance I've got a unique interview for you. |
| 0:02.5 | There's a concept called Mortgage Acceleration that I was asked about on a past episode of the show. |
| 0:08.3 | I was recommended a book. |
| 0:09.2 | I read the book and I did my best to rip apart the idea and I decried it as being a waste of time and not very useful. |
| 0:18.0 | Now today we've got the author of that chapter of the book here to defend his strategy and to rebut my |
| 0:27.6 | points. So we got a little bit of a debate on today's episode of Radical Personal Finance. I hope that you will find this show |
| 0:35.2 | Enlightenment. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets and I am your host. |
| 0:57.0 | I am your, I am your, I so much want to say virtual financial advisor. Fine, I am a virtual financial advisor. Fine, I am a virtual financial advisor. |
| 1:05.0 | SEC is going to crack down on me for using terms like the |
| 1:08.0 | neutral advisor and they're going to call me a fiduciary because I'm creating media in the future. |
| 1:18.8 | I'm just your friend here with you walking on a rich life today and walk in the path to financial freedom in 10 years or less. I'm joking about that SEC thing, but not really, there's changes going on as I |
| 1:30.0 | released this show here in March of 2016 with all this hoopla over the fiduciary rule and anyway |
| 1:35.9 | that I'm not a fan of the SEC. |
| 1:39.1 | Recognize they do a function does not a fan. We'll deal with that another time. |
| 1:42.4 | Several listeners have asked me about it. My opinion on it and do a function does not a fan. We'll deal with that another time. Several |
| 1:42.8 | listeners have asked me about it by opinion on it and I don't want to talk about |
| 1:45.8 | yet. So let's talk about what we are here to talk about which is the concept of |
| 1:49.2 | mortgage acceleration. I really hope you enjoy this show. I like to have a good vigorous discussion about things I like to I like a good debate |
| 1:58.0 | It's really challenging because in my personal life and all of our personal lives. I think debating is utterly futile. You never |
| 2:04.0 | win an argument so don't even bother. But if you can find someone who is knowledgeable and who can, |
| 2:09.3 | who can, who's knowledgeable and experienced and practiced, then that person is able to often in a vigorous back and forth format |
| 2:16.8 | is able to bring ideas to light and that's what today's show is. Bill Westram is my guest |
... |
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