Today we closed on our refinance to withdraw equity to help pay for Jackson’s* time at Teen Challenge.

We applied for the refinance at the end of November, a month before we took him to the program. Earlier in 2020 I’d nearly refinanced to shorten the term of our loan.

Instead, moving years backward to pay off our loan, we’re able to add 5 years and withdraw equity without increasing our monthly mortgage payment.

This won’t pay for all of the program, but it will cover most of it. Unfortunately we used up our savings on our 15 week hotel safety plan before we could get him started at Teen Challenge.

I’m grateful that we have a home and paid extra in years past to be able to pull from equity now.

* not his real name