Most of our people come to us knowing someone who is doing this already so they seldom doubt the credibility of the strategy. That said, many people have self-doubts that it will work for them. We have found that 8 out of 10 people are able to do this strategy. One more is able to do it if they are willing to tweak a few things. One out of ten is so overdrawn in life and/or lack the motivation to do anything that they fall out of the scope of the services we provide. The only way to know if it would work for you is to allow us to run your numbers. The process is complimentary and confidential. You won't ever get into a situation where you have agreed to something without know it. We are very clear during every step of the process.
This strategy is not limited to big homes or smaller homes. The reason is logical. Typically people make more income and have greater expenses in more expensive homes. Typically people make less and spend less in smaller homes. In other words, it scales.Add an answer to this item.
Yes. Amazingly so.
Yes. Most of the time.
This strategy is not limited to big homes or smaller homes. The reason is logical. Typically people make more income and have greater expenses in more expensive homes. Typically people make less and spend less in smaller homes. In other words, it scales.Add an answer to this item.Add an answer to this item.
We are not lenders, brokers, nor do we work for one. We are never remunerated by the lender. We are Financial Planners and are part of a network of homeowners who have found a better way.
No, our strategy also allows homeowners to keep their current mortgage and employ the same principals, but it may take longer doing it that way.
This strategy has been around for decades in other countries, and for about 15 years in the United States. We did not create this information, but we fine-tuned it and made it much more user-friendly. One of the earliest national publications about this was the LA Times in 2009. It's definitely not new.
This strategy has been widely used in Canada, Great Britain, New Zealand and Australia for decades. I have seen it in America for over 15 years. There are only a handful of companies in the United States offering this specialized conversation. None of the few of us have the big pockets of the Big Banks to advertise during the Super Bowl. Therefore, most people learn of us through someone they know. Knowing something doesn't make it true and not knowing something doesn't make it not true.
We don't advise doing this, unless it's sitting in cash in a taxable account and you have not plans to get it into the market. We never encourage people to pull money out of Retirement Accounts due to taxes, possible penalties and loss of opportunity. We also do not encourage people to pull money out of their home to invest in the stock market. These are two should stay on their own sides of the balance sheet.
First of all, there is a difference between the stated APR (Annual Percentage Rate) and TIP (Total Interest Paid) BOTH of which are on the disclosure page of your mortgage documents.
Allow me to share an absurd example. A person could go from a 25 year 4% loan to a 5 year 12% loan and still pay less in interest and pay it off 80% sooner! And that's with a 12% interest rate! (Which we don't foresee.) Why is this true? Because money increases in power over time. When you invest, do that over a lifetime. When you borrow, it works against you so you want to get out of it as soon as possible.
Fact 1: It's not the percentage rate that kills a financial plan. It's the amount of interest paid.
Fact 2: When interest and inflation start getting out of hand, getting out of debt FAST is the most reasonable option.
Fact 3: In the early years of a fixed-rate traditionally amortized mortgage, nearly 70% of your Principal and Interest Payment goes to interest. That sees kind of high.
Under a traditional mortgage, typically at 120 days of being overdue, the bank will start the foreclosure process. With the Revolving Account, your only obligation is the interest only. That means that as long as you still have equity, you can continue to pull your monthly withdrawals to pay bills. That's a terrible Long-Term plan because you are withdrawing from equity, but it will buy your family much more time to get back on your feet. Much more merciful than a traditional model.
In the case of a fluctuating income, we still recommend taking out your fixed amount you need to live on. Sometimes you'll pay more in and sometimes less. As long as you are spending less than you are making, you'll do just fine!
For the purposes of paying down debt, we are reaching you through our marketing efforts, sharing with you our tools and resources, having several meetings running through your numbers to ensure accuracy of the recommendation, producing easy-to-understand reports that takes you step-by-step through the math and logic, providing a video library to train you how to navigate through the process, introducing you to one of the of the few banks that qualifies to do a program like this, assisting with ongoing coaching through complex situations to ensure your greatest chance of success.
We are also licensed to assist with any other financial planning needs. In this case, we may introduce you one from our advisory group to provide focused and specialized service.
Fire My Mortgage™ is Independent. This allows us to choose from any company that will meet your needs. We do not answer to shareholders or to a board of directors. You are our only client.
Fire My Mortgage™ is Fiduciary. This means we will put your needs even above our own. We will never cause harm in our recommendations. Everything is with your best interest in mind.
Fire My Mortgage™ is Licensed. James Murphy holds the following licenses.
Having licenses does not validate a person. But they do allow me to talk about things that unlicensed people cannot. We also have an Advisory Group (IntegrityFinancial.io) with other professionals who specialize in these specific categories.
INTEGRITY FINANCIAL STRATEGIES IS NOT AFFILIATED WITH THE LEADERS GROUP, INC. SECURITIES OFFERED THROUGH THE LEADERS GROUP, INC., MEMBER FINRA/SIPC, 26 WEST DRY CREEK CIRCLE, SUITE 800, LITTLETON, CO 80120 (303) 797-9080.