Ways to pay your Mortgage without using your own money

Assuming the responsibility of paying a mortgage is a significant aspect of homeownership. However, it is conceivable to manage the entire cost of a mortgage without utilizing personal funds, with careful planning.

For both first-time homebuyers and established homeowners, here are seven strategies to cover your mortgage without dipping into your own finances.

  1. Airbnb Rental:
    • Convert your property into an Airbnb if you reside in a tourist or business traveler hotspot. This flexible arrangement, favored by travelers seeking non-traditional lodging, might generate higher earnings than long-term rentals. Occasional hosting could potentially cover your monthly mortgage payment, especially when pricing competitively.
  2. Rent Out Parking Spaces:
    • If your home is near popular venues or downtown areas with parking challenges, leasing parking spaces can be a unique way to cover your mortgage. Utilize parking apps like ParqEx, CurbFlip, or SpotHero to connect with renters and manage transactions efficiently.
  3. Invest in a Duplex or Triplex:
    • Opt for a duplex or triplex instead of a single-family home to secure a steady income stream. Occupy one unit and rent out the others to use the rental income for covering the mortgage. This approach allows you privacy while leveraging rental income to manage your mortgage expenses.
  4. Bed and Breakfast Business:
    • Transforming your home into a bed and breakfast not only offsets mortgage costs but also serves as a business venture. Retain a private space for yourself while converting other rooms into guest accommodations. Providing breakfast daily is a characteristic of a B&B, and the services offered can vary based on your preferences.
  5. Rent to Travel Nurses:
    • If you live near a hospital attracting travel nurses, renting out rooms to them for their short-term contracts can be a viable option. Cater to their unique housing needs with short-term lease agreements, potentially covering your mortgage by accommodating a few travel nurses in your home.
  6. Get a Roommate or Charge Adult Children:
    • Sharing your home with a roommate or charging rent to adult children, if feasible, can be a classic yet effective way to cover mortgage costs. Tailor arrangements to ensure inclusivity, providing private spaces and amenities that justify the cost.
  7. Downsize and Purchase a Cheaper Home:
    • A straightforward approach to cover your mortgage with external funds is to sell your current home, downsize, and use the proceeds to buy a smaller house outright. Even if not fully covered, the profits from the sale could serve as a down payment, potentially reducing the monthly mortgage to a more manageable amount.

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