Hi all,
I have a friend that has been snookered (my impression) into a mortgage acceleration program (normandmike.com) that, from what I can understand, has the participant use a HELOC to fund their living expenses, and then use their income to paydown their primary mortgage early.
The claim is that you will not only payoff your loan early (which you could do anyhow), but that you will also save money overall by somehow robbing Peter to pay Paul.
My normally good sense tells me, of course, you ain't saving any money by borrowing at 8% to payoff debt at 6%, and that this appears to be nothing more than a scam, which probably includes some level of MLM to boot.
Does anyone have any information on how these programs work (other than they take your hard-earned money and run)?
I have a friend that has been snookered (my impression) into a mortgage acceleration program (normandmike.com) that, from what I can understand, has the participant use a HELOC to fund their living expenses, and then use their income to paydown their primary mortgage early.
The claim is that you will not only payoff your loan early (which you could do anyhow), but that you will also save money overall by somehow robbing Peter to pay Paul.
My normally good sense tells me, of course, you ain't saving any money by borrowing at 8% to payoff debt at 6%, and that this appears to be nothing more than a scam, which probably includes some level of MLM to boot.
Does anyone have any information on how these programs work (other than they take your hard-earned money and run)?