Situation: Neil had a mini-mansion on Lake Norman that he had owned for 5 years. Although he had a great 30 year fixed super jumbo @ 5.75%, he now had plans to sell but knew it was going to be a challenge because the marketing time of homes over 1.5 million can be up to 2 years.

Problem: Since he now had a long distance relationship and was traveling much of the time, Neil wondered if there was some way to reduce his house payment during this lengthy marketing time. He had heard of the new interest only mortgages but did not understand how they worked and if they could be helpful in his situation.

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