The 30 year mirage: Is the paid off mortgage a thing of the past?

Once upon a time, paying off your home mortgage in full by retirement was a cornerstone of the Canadian dream. Older generations delight in telling stories of enduring 18%+ interest rates in the 80s and 90s, yet still managing to pay off their homes after 30 years.

But for today’s young homeowners facing sky-high property prices, this reality is rapidly fading. With massive mortgages over $1 million becoming common, decades of repayment is daunting. With other expenses and stagnant wages, scrimping to make extra payments seems impossible.

As a result, the 30-year mortgage payoff is increasingly a mirage, not the oasis it once was. But what if you could get closer to that dream without taking on multiple side jobs or drastically reducing your lifestyle?

Enter the HELOC Rate Lock strategy – an innovative approach that combines a fixed-rate mortgage with a variable HELOC to optimize your payments. By restructuring your mortgage into these two components, you benefit from stable low rates while maintaining flexibility to repay the principal faster.

As you pay down the fixed portion, the HELOC limit rises in tandem with your equity. This gives you access to withdraw built-up equity to make lump-sum payments on the mortgage principal. All without needing extra monthly cash flow – because who has time for 3 side hustles, anyway?

In essence, you get the best of both worlds – affordable payments plus faster repayment. Instead of a 30-year mirage, you can make a paid-off home a reality on your own timeline. Isn’t it time you tapped into the speed and flexibility you deserve? Connect today to see if HELOC Rate Lock is right for your mortgage payoff goals.