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My mortgage broker husband (an expert in math, amortization and investments) looked into these money merge type accounts and came to the same conclusion. If you have extra money, put it toward the mortgage and DO NOT incur additional debt in the process.
I am just curious about one thing. How many of you are scheduled to pay off your homes 23 years ahead of schedule without having to change your monthly budgets? And without having to spend all or most of your discretionary income?
Here is how it works and I will try to spell it out as plainly as can be.
Why do most people not have discretionary income? I believe there are two reasons.
1) Most people spend alot of it eating out, beer, cigs, snacks at the gas station, etc.
2) Alot of people have alot of debt.
If you are able to roll alot of your debt, if not all of it, into one account (heloc) then 99% of the time you will creat discretionary money.
Now, every time that you enter in money that you spend month to month into your Money Merge Account your time to pay off your house will go UP.
Every time you deposit money into your MMA your time to pay off your house will go DOWN.
Every time that you enter a number into your MMA your time to pay off goes up or it goes down. After seeing your time to pay off go up a month or two in a row what do you think most people are going to do about it? Well, in the case of my clients they do whatever it takes to make sure that that number goes down each month.
How many people do you know that actually put all of their descretionary money into their mortgage? I bet you can't find ONE person who each month puts ALL of their discretionary money into their mortgage.
Through the MMA any money left in your account at the end of the month is descretionary money and when your heloc gets close to a zero balance that is when it will tell you to transfer ALL of your monthly discretionary PLUS a little extra each time!!
How are you able to do this? Because you have a LINE OF CREDIT that you can borrow against and the MMA will maxamize the amount of interest cancelled on your mortgage and minimize the amount paid to the heloc.
In my own personal case I will have my 29 year mortgage paid in 6 years!!
I will pay a combined TOTAL of $41,211 in interest to my MORTGAGE company and my LINE OF CREDIT!
I will SAVE over $103,000 of mortgage interest!
If it were as easy as you all make it out to be to own your own home then everyone would have their houses paid for and there would be no need for anything like the MMA. But, since everyone seems to be drowning in debt we need something to help the average person be free from financial bondage! That is all that we are trying to do.
The Money Merge Account is a financial dashboard, it will show everyone where they are going and how fast they will get there, financially speaking of course.
5 years ago one man, Mac Saunders, sold 400 MMA's over the phone in Denver, CO. At the end of the 4 year test period 98% of the people that bought the program were still using it. The average client was 20% ahead of their projected pay off date and now at the 5 year mark alot of those original 400 are making their last house payments.
I am sorry that you have not done your due diligence and truly looked at the program and how effective that it truly is. The company is now processing almost 500 applications per month. Banks in my area are totally excited about the program and they are actively trying to find agents to hook up with.
You guys should check out a past article from Broker/Banker magazine that talks about the MMA. The publisher of the magazine, Brian Topor, even signed up as an agent after his magazine did a feature article on United First Financial.
what do you do when your HELOC (line of credit) is maxed out?
your HELOC is bound to max out WAY before you will even get to 4-5yrs of trying to pay down your mortgage.
Folks beware of the sales gimmick.
This is not a gimmick! It has been in use for over 5 years! It has a proven track record.
If you follow the program you will NEVER max out your line of credit!!
Did you not read my entire post previous to your last comment?
So, why are you so threatened by the MMA? Are you afraid you will lose clients? You will LOSE clients if your competition offers the MMA and you do not. That is the bottom line
I'm afraid that ppl are going to believe into the MMA scam.
Many are losing money (3500) to buy a software that takes discipline to do so.
I would say over 70-80% of the borrowers in the US OVEREXTEND themselves with credit cards and other debts.
Please explain how a person will be able to replenish their HELOC.
This is an OPEN FORUM. Explain everything here w/out anyone having to submit an application to you. If you can't do this then you are trying to scam others.
Let's stick to the 'product'. Don't address me in what I do or don't do.
This is called 'weak' sales tactic when a competitor spends most of their time talking about their competitors instead about the FACTS of their product.
I can't just tell my borrowers that my product is the best in the world!
I have to explain why it is.......Your conversations sound like Cat/mouse!
Why is it the best? Oh just because it is.
Well please explan. Well I have a proven track record.
Of what? Just that it works.
Show us how it works. Trust me it does.
No, show us how it works. This product will save you 20+yrs off of your mortgage! How exciting!
Well are you going to show us? Didn't I tell you to trust me?
I have read the opinions of everyone who has participated in finding out if the MMA is a scam or not. I use the program for a year now and I am an agent helping to explain to people how it actually works. As the other people on this forum have written, this program is not for everyone. People have priorities. It should be known that even if someone gave a group of homeowners extra money every month towards the payment of their mortgage, not everyone who receives that money will pay it to the mortgage company. As an individuals, think of how it will look like if you jumped into your car and the dashboard is completely covered. Many of use think our homes are assets to us but the truth is that that house is actually a liability to us and an asset to the mortgage company. The only property that is an asset to us is an investment property that is putting money in our pockets. This MMA program is like a dashboard to our finances and helps homeowners keep back a lot of the compound interest which the mortgage companies get from them. No mortgage company has complained about the MMA Program nor has any Bank complained about it. Many people who use it well for the purpose of paying off their debts are very happy with the program. If you one of those who will take a HELOC and instead of using it per the MMA Program, you decide to take the money for other businesses, it will put you in more problems. Anyone who wants more information on how it works can send me an email. I am not defending the MMA program but I am willing to give you all the information you will like to know about the MMA Program.
and watch the 15 minute MMA overview. If you still have questions then I can email you a power point presentation and give the presentation to you over the phone. This way I can explain everything all at once.
In a normal setting the PP takes 45 minutes to make sure that the client understands the strategy's that we are using. So far for me 90% of all who see it buy it.
Doing the presentation over the phone takes about an hour and I have done it twice so far. To try to explain the whole thing in a blog would take a long time.
This offer is good for anyone who is interested and I will even call you and pay for the call. All I need is an email to send the power point to and a phone number to call and explain the program.
I would encourage you to at least watch the 15 minute video though.
And by the way, with the way that we use the HELOC, after the average person is able to start making funds transfers towards their mortgage their HELOC balance will never get above $8,000 to $10,000.
Ninja67, thank you for the video. I will be willing to help anyone who wants to join the MMA program by running his/her own analysis which will show exactly when he/she will payoff the mortgage completely. One important thing I would like you to have in mind is that you are not robbing A to pay B. Both the mortgage and the HELOC will be paid off the date you will get from the report after your own analysis has been run..
Last edited by jnejong; 12-30-2007 at 11:57 AM..
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