How Can I Pay Off My House in 6 Years?
Posted October 31, 2013
WRAL Reader Question
I'm a single parent with one child in college and I just refinanced my home for 20 years.
I want to know can you tell me how to pay my home off before I retire in the next 6 years.
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Not wanting to assume I'm afraid I'm going to have to state the obvious. The logical way to achieve your goal would be to start with dividing how much you owe on your house by 72 and make that your new monthly payment.
Any other solution would require you to get a new unsecured loan to pay off the house loan, raid your retirement, or win the lottery. Except for the lottery option, those are not great options.
Of course you can always sell your house in six years and downsize to fit your retirement life inside your retirement income.
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