Is there any option or way of working a mortgage sabatical where you would not owe payments for a year?

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I was wondering if you can defer payments on a mortgage for a year or so in exchange for adding the interest on to the principle or some other method that the bank would be willing to accept. I really would like to take a sabatical from work for a year to travel and do charitable work but I dont want to sell my house. I have great credit and I always pay the mortgage on time. Thanks for any responses.

  1. Reply
    December 7, 2012 at 4:57 pm

    Get a home equity loan for the amount of one year’s payments on the mortgage. Use the loan to pay the mortgage for the year.

  2. Reply
    December 7, 2012 at 5:48 pm

    I’ve never heard of such a program. However you may be able to take out a HELOC and deposit that money in the bank and arrange to have the mortgage payments made automatically from that account. Or, turn it over to a property manager and rent it out for a year while you’re gone. With luck, you’ll get enough in rent to cover your payments.

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