Will You Outlive Your Mortgage? A Mortgage Strategist on The Rodney Bull Show

The average American with a mortgage is 55 years old, with 25 years left to pay. You're not going to outlive that mortgage, and that's a problem. I joined Rodney Bull on The Rodney Bull Show to talk about why that is, and what to do about it. After 20 years in the mortgage industry, I don't even call myself a loan officer anymore. I'm a strategist. In this conversation we get into the stuff most borrowers never ask about: why people focus on the payment instead of what the loan costs over the big picture, why your equity does you no good if you can't access it, how amortization really works, good debt versus bad debt, and what it means to think like the bank instead of the borrower. A few things I say in this one: "The mortgage doesn't care. It doesn't care if you do good, doesn't care if you do bad. It's coming, and it's due every month." "You can't live in the dollars." "I'm commoditized. I'm treated as a loan officer who needs to give you the best interest rate, and that's all I'm good for. I refuse to accept that." "You're going to bet that I'm not disciplined enough to pay off my credit card in full? I'll take that bet." Thank you to Rodney for having me on. If you want to talk through your own mortgage strategy, let's chat. A consultation doesn't cost anything but time. 0:00 Welcome to The Rodney Bull Show 1:09 Meet Mike Newmann 2:12 Is paying off your mortgage fast still good advice? 3:18 Average borrower: 55 years old, 25 years left 4:43 First time buyers are getting older 5:31 Why most of us follow the herd on mortgages 7:10 AI and why we can't believe everything anymore 9:48 What borrowers misunderstand about interest and equity 12:44 Why you can't use your equity without selling or borrowing 15:09 The mortgage doesn't care 15:49 Loan officer or strategist? 16:39 30 year fixed in the US vs 5 years in Australia 17:22 Are adjustable rate mortgages bad? 19:38 Where the word mortgage comes from 19:55 Faith, debt, and doing this work 21:41 Pay down debt or put money elsewhere? 22:52 Amortization explained: installment vs revolving debt 24:12 Why you don't pay more principal than interest until year 18 24:57 Why I'd still never knock the 30 year mortgage 26:16 Good debt vs bad debt 27:51 Think like a lender: become the bank 29:15 Why credit card companies give you airline miles 30:10 Discipline is discipline Mike Newmann | NMLS 205706 Producing Branch Manager | Mortgage Strategist The Newmann Group at CMG Home Loans Call or text: (541) 227-2722 Email: newmanngroup@cmghomeloans.com Learn more: https://www.cmghomeloans.com/mysite/m... Licensed in AL, AR, AZ, CA, FL, ID, MD, MO, OR, TN, TX, and WA. QUESTIONS THIS EPISODE ANSWERS Should I pay off my mortgage early or invest? Why do people still have a mortgage at retirement age? What is amortization and how does it work? Why is most of my mortgage payment going to interest? What is the difference between installment and revolving debt? Is a mortgage good debt or bad debt? Are adjustable rate mortgages bad? What does it mean to think like a bank? What is the difference between a loan officer and a mortgage strategist? #MortgageStrategy #Podcast #RodneyBullShow