SL 9: Where to Find Lump-Sum Payments
where the money is coming from
But Who Has $35,000 to Invest?
This is where the mortgage payoff plan comes into play. There are two components of the program that can help you make and manage these lump-sum payments:
- The BLOC (Banker Line of Credit):
you will use an BLOC as your money account. All of your income and living expenses come into and out of the BLOC giving you access to funds at "canceling interest".
The BLOC will then be used to make lump-sum payments to pay down your mortgage:
we will discuss this subject in the next topic
- Budgeting Software (Worksheet):
a budgeting worksheet that calculates the amount of your lump-sum payment based on your current family expenses and cash needs.
The budget will used to track, monitor, and reduce costs as you accelerate your mortgage payoff plan.
view our budget module | you can use this mortgage payoff software