How To Pay Off Your Mortgage In 5 Years: Slash your mortgage with a proven system the banks don't want you to know about (Pay Off Your Mortgage Series) Paperback – July 8, 2017

I’ve been following Clayton and Natali Morris via their podcast for about a year now. Due to their continuously invaluable information and insight, I knew this book would deliver value! How to Pay Off Your Mortgage in 5 Years is a quick, no BS guide full of practical, digestible information.This book walks you through all the pieces of a mortgage, and how they work. The first chapter digs deep into interest and amortization schedules, with a clear chart. Taking a deeper look into how an amortization schedule works is life changing! No wonder mortgages traditionally take 30 years to pay off.The book also lays out the intended purpose of a home equity line of credit, and how to get the best bang for your buck. I found this part especially helpful, as when I walk into a bank, I don’t want to be swindled into a product that doesn’t fit my needs. When you know exactly what you’re looking for, you can be direct and purposeful.Clayton and Natali discuss how interest and time are your two biggest enemies within the banking system, and how you can overcome! The teeter-totter image of weighing your interest really stuck with me, and I will forever use it in all of my financial decisions.The meat of the book is explaining exactly how to put the plan into action, with specific examples and scenarios. It talks about budgeting and goal setting, which is the biggest piece of this puzzle. Clayton and Natali lay out an actionable, plan; this is where it gets exciting!There’s also a concise summary at the end of the book to refer to, in case you need a quick refresher on how to employ the strategy. The content is very well written and conversational. Listening to Clayton and Natali’s podcast feels like sitting down with friends, and they carry over that tone into this book. The two come across as incredibly genuine, it’s obvious their purpose is to help people better understand finances and make informed decisions.This strategy takes planning and discipline, but the rewards are well worth it! If you’re ready to be empowered in your finances and stop being a slave to bank products, this book is for you.

Great, time more people become aware of this

This book opened my understanding of how a HELOC works. I will be using this method to payoff my new home, when I build some equity.

It has a step by step guide about what it describes so it make sure you understand it well. But it doesn't give you the whole picture with both loans at once. Si you will end up with few unanswered questions in real life.

Highly recommend this book to anyone that is willing to have an open mind about methods to get rid of mortgage debt. Makes total sense to me!

Honestly, I expected more from the Morris'. First, its hard to call this a "book". A pamphlet may be more appropriate since it is only like 25 pages. Many pages in the beginning are devoted to explaining what a mortgage is. What I don't get is how they think they've stumbled on some great secret the "bank doesn't want you to know". They want you to take out a HELOC and then use it to pay down a big chunk of the primary mortgage. You direct deposit your paycheck to the HELOC which should cover any monthly payment, put your expenses on a credit card, pay the credit card from the HELOC and leave any excess earnings in the account to pay down the HELOC. When the HELOC gets paid down and the equity in the home has grown you get a bigger HELOC. Rinse and repeat. The book throws around a few numbers from an example, but never demonstrates the actual savings. ($200K / 30yr mortgage at 4%, $50k equity ($150k mortgage balance), 80% LTE HELOC at 2%, $10k monthly income with $8k in monthly expenses ($2k left over each month)) I did the math on a spreadsheet comparing the Morris method with a HELOC vs just paying the same amount of excess earnings directly to the primary mortgage. Yes, you can pay off the mortgage in the example in 5 years - but it works with both methods. The Morris method saves approx $3700 in interest over the 5 years and finishes a month and a half before the conventional mortgage pay down method - BUT, and this is a big but, they rely on teaser rates (2%) and ignore closing costs. Closing costs have to be paid upfront and you have to get a new HELOC each time your teaser rate runs out. Those two things will eat a big chunk, if not all, of your $3700 savings. So what's the point? I think most people will be better served spending whatever extra they have paying down the balance on their primary mortgage vice enduring all the financial gymnastics associated with funneling everything through a HELOC.Perhaps the bigger question is, if the Morris' get 12% ROI on their rental properties (not in the book) why would you use excess cash to pay down a 4% mortgage instead of buying more rentals? I got it, it feels good to pay off your mortgage, but its not the best financial move.

I knew about this strategy 7 years ago through the original founder/ inventor of Harj Gil which I saw from a commercial. He brought this system to the US and now copy cats are charging at least $3500-$5000 such as replace your mortgage, truth in equity, the pill method for his concept. If you want to maximize this hack to work for you I suggest you go pay his site a visit, speedequity.com. Harj's book however is not as easy to understand as this one. When I read this book that's when I finally realized what Harj was doing all these years. This method is old. It's in its 20th year anniversary since it's inception in Australia. Anyway, wish I had implemented Harj's system 7 yrs ago. I could have made $395k on my last property and used that money for down payment for my current house. My monthly would have been so minimal right now. But still many thanks to Clayton and Natali for making this concept easy to comprehend. My wife and I are currently utilizing this hack with the help of Harj to our current home. Estimated time of pay off... 4 years!