Bestwifeever
Moderator Emeritus
- Joined
- Sep 17, 2007
- Messages
- 17,774
They brokered the new mortgage, yes. The mortgage itself, of course, is held with a bank (First National, 5.35% 5 year fixed), not HEIR. I've no doubt they picked up broker commissions for brokering the new mortgage.
This is always a red flag to me. There are some "college financial counselor" companies in our area that, without charge, advise parents of high schoolers how to pay for college. They explain to the parents that tat this point they need to tap the equity in their home and then they helpfully handle that for them and earn a commission or whatever (I am sure this is how these companies earn the bulk of their money). So I just wondered if HEIR earned a little off that. I wonder if they cold-call people based on information they obtain on balances left on existing mortgages.
Anyway, good luck. If you are the one who convinced your wife it would be a good thing to invest with this group, it will probably be easier to convince her it is time to at least stop putting money into it, imho.