Mortgage free yet?

It’s scary to think that many people can’t afford to stop working because of the amount of years remaining on their mortgage. Think back to when you set up your mortgage, how did you go about structuring it? Did you do what the majority of people do and deal directly with your bank or a mortgage broker without consulting anyone else?

Too often we are coming across families that have a stock standard setup, paying a mortgage over 25 or 30 years. Thinking the only way to pay off the mortgage faster is by making extra repayments each month. Does this really sound like a structure designed to help you? Just think, by the time many people can afford to get their first home, they will statistically be well into their thirties. That means they will be at least 60 years old before they are mortgage free. This doesn’t include refinancing or topping up the mortgage to cover other debts.

If you could reduce the years it will take until you’re mortgage free by up to 30%, would you want to learn how?