Real Client Success Story: Nancy & Greg from Texas Retire Debt Free
Nancy and Greg have owned their home for nearly 20 years. Both are public school teachers and have been for 20 years. With the help of student loans and credit cards, they just finished putting their daughter through both undergrad and law school. The craziest part of their situation is that they owned their home free and clear! They had been making it month to month, with little left over for savings and retirement.
Originally, they were planning to retire in 4 years, but didn’t see how it would be possible given the sheer amount of debt they had accrued while their daughter was in school. In addition to the student loans, they had significant debt in revolving accounts when they started the loan process.
They were overwhelmed by debt and felt an enormous weight each month when it came to paying bills. Little did they know that there was a perfect option available to save them over $3,000 a month!
Once an appraisal came back we knew exactly how much equity was available to work with. Then it had to be determined which cards to close, which ones could be left open, and which accounts would give the most monthly savings to assist in paying off other debt.
Long story short…
After the loan, they were left with significantly less debt. Their credit cards will be completely paid off before the end of the year. Nancy and Greg will then be able to roll over their savings to apply to student loans. Student loans will be paid off within 2 years.
And the best part…
Based on the anticipated loan balance in 2 years, if they apply their savings from having no more credit cards or student loans, the new mortgage they just funded will be paid off in only about 3 years total. This puts them in line to have their home paid off in about 4.5 years, just in time to retire 100% DEBT FREE, paying no more than they are today on a monthly basis. There were quite a few happy tears along the way, and the day their loan funded, everyone involved felt a huge sigh of relief.
The testimonial Nancy submitted inspired me and is a constant reminder of why I LOVE what I do, and why I look forward to coming to work each day!