November 2012 Archives

Marvin and Nancy were interested in having a guaranteed debt-free date.  They were very motivated to make their plan work, because they wanted to retire and enjoy spending time with family and traveling.

The original plan showed a debt-free date of 11.4 years, but with help from Nine Year Mortgage, Marvin and Nancy have reduced this to 9.7 years.  They have employed 3 major strategies:

  1. They refinanced their home mortgage into a 15 year loan with a 2.875% interest rate, replacing their existing 30 year mortgage which was at 5.00%.  The payments were actually lower on the new loan.
  2. Nine Year Mortgage showed them how they could move about $25,000 of credit card and vehicle debt onto a 0% promotional rate credit card for 18 months.  Some of these balance transfers were previously at interest rates in excess of 12%.
  3. They sat down and evaluated their spending with their Plan Coordinator at Nine Year Mortgage.  Based on these meetings, they were able to find an additional $250/month through imposing more discipline on their lifestyle and eliminating waste.  They raised the amount going into the plan each month by this amount, which encourages them to stick with their budget.

 What thrilled Marvin and Nancy is the fact that with every change in the plan, the guarantee on the debt-free date was updated.  They know that as long as they make their monthly payment, they can “set it and forget it”.  The plan is automated and will execute perfectly.

Nancy recently said this is the first time they have felt that their money is working FOR THEM, rather than the other way around.  They feel that they are on OFFENSE with their money, not on defense.  This is wonderful because they now see a debt-free retirement, just as they had dreamed.  Their current focus is on finding ways to improve their debt-free date even further, and they are so encouraged that they now believe anything is possible.

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Mary Trimble (not her real name) is a nurse.  She and her husband are middle-aged, and have made steady and good money for many years.  And yet, they are looking at more than 25 years to pay off their most recent mortgage refinance, and they have more credit card debt today than they did 10 years ago.  They even have some late payments because, quite simply, they just don’t have the time or the inclination to keep up with all their debts.  When balances or interest rates change, they get caught off guard.  Their credit score is not that bad, but they are paying over 25% interest on more than half of their total credit card debt–nearly $22,000.

They try on a hit and miss basis to throw some extra principal against these debts, but they never seem to get anywhere.  Mary told us that she comes and goes to work every day, but until she met Nine Year Mortgage, she felt like her only available retirement plan would be to work until she drops.

The Nine Year Mortgage plan gave Mary a guaranteed debt-free date, and took the same amount of money that she and her husband were paying before, and put it to work so that she is debt-free in 8.8 years.  Mary is so thrilled she has a totally new lease on life.  Now she can look forward to real progress, and her finances are not a “black hole” like they felt before.  Mary says, “Now I have a reason to keep working so hard.”  She is so enthusiastic that she wants to tell all her neighbors to call Nine Year Mortgage to get a free analysis and find out if the program will work in their situation.

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