She Used Her Whole Life Policy to Pay off Her Mortgage
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- Опубликовано: 28 авг 2024
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#Finance #WholeLife #Insurance
Im so happy I found your channel. I am a single mom with mortgage. You made me feel I can pay off my home before I retire. 💪🏻
Yay!! Good for you, Marta!!
Its is the agent I agree J Rod. I been with Steve 5 years. He is the most transparent agent you will ever come across , he breaks it down. See how many 60/40 agents are putting stuff out there compared to all the designs and scenarios Steve shows .They will talk crap about the 90/10 80/20 argue how bad it is. Hmmmm commissions focus only. Motivational Show how transparent are they. Everybody's the best if they can get your commission . But how much time are the best spending out there like Steve does ,this guy is the real deal.
@georgejimenez5428 Thanks, George, Steve, and the team's goal is to be transparent. The more information we can provide, the better informed our clients will be. It has been a pleasure doing business with you!
Don't listen to this guy, go buy term and invest.the difference. When u give him the money, he will buy stocks and make 13 percent and pay u 3 percent.
Cyclops open your eyes ..oh I mean eye .😂That must be the problem.
By the power of Grayskull.
@@kaikal1212 u r a fool. Let me hold ur money, I guarantee u 5 percent.
Steve is absolutely the very best.... I'm so glad I made the choice to have him design my policy. Thank you for this illustration. So well explained. I mean, I just Love the option of becoming my own Bank. Coz, why not!?
He is a damn liar and a cheat ! Of you had an insurance policy that you had over paid so much into it that you can borrow your own money back then you could have used that money to make money instead of borrowing your own money and paying extra to use your money
excellent content steve! I love working with you organization. Phil is very helpful. Can't wait for my policy to be delivered.
It's interesting, but why not just take that $70,000 that she's putting in the policy every year and apply that to the principal. I'm not sure what the interest savings would be but would have to be substantial. And then put $2,000 a month into your policy at the same time so at the end of two years you've put in $48,000? Then you're not having to pay interest for the loan from the insurance company I guess I'm just a simple person and if I had that kind of money that's probably how I would do it
Because she wants to create an asset in the whole life policy first.
By aggressively paying off your mortgage first you lose usage of those dollars. It'll just be sitting there in equity. Can't eat equity, can't buy groceries with equity, etc. (If no HELOC).
By running money through the policy first you've created an asset that will continue to return net positive cash forever.
Great comparison for the future :)
@@jrod7929amazing how u said it!
And if something goes wrong, let's say job loss, she can't get that money back to make her mortgage payments.
I did something similar. I built up cash value aggressively early on. While I did not have sufficient funds to pay off my mortgage with what I had grown, I was able to make a significant “dent” in the principle of the mortgage. I “recast” my mortgage at the same time I made a large principle payment and in the end I was able to significantly lower my monthly mortgage payment, removed my PMI, and cold redirect my earnings from large mortgage payments to large CV repayments.
Nice work! Thanks for sharing!
for people who dont know, the cash value disappears when you died.. if you have 100K or 1M cash value and you never took any loan out to enjoy life because you are too busy aggressively funding the policy, and you died, those cash value is gone.. only the death benefits your beneficiary get. keep funding the policy but enjoy life, take out loan.. whatever is left over when you go, still plenty left for your love ones..
insurance would love you aggressively fund the policy and never take out loan..
Good stuff as always Steve!
One question I had about guardian is how they apply loan repayments. Do they apply first to the loan principal (like mass) or does it first go to paying outstanding interest ? From how the illustration was set up, it sounds like you either have the choice or it goes to interest. Also, could you share any videos you have on repayment of mass mutual policy loans ?
Bunch of load as usual ! Stop being so stupid at math
What are your thoughts about a Mass Mutual HECV utilizing the LISR rider vs manipulating PUA's? Client is more focused on early access to cash, moreso than retirement supplementation which is why I'm leaning toward the HECV vs a WL65 or WL100.
Great question. I would consider a design with LISR & ALIR. When designed correctly, you'll see the HECV policy deliver stronger non-guaranteed cash value short-term & long-term compared to a WL 65 & WL 100.
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