Mortgage Free For Life
74I recently saw an infomercial on TV for the book Mortage Free For Life: Secrets Banks and Lenders Don't Want You To Know! by Richard Weathington and Beth Ley, Ph.D. I'm think about buying a new house soon, so I've decided to buy the book and see if it has any helpful information. I'll continue to post my reviews of the book here for you to read.
If you've read the book Mortgage Free For Life (or even if you haven't) and you have an opinion, please leave a comment below or vote in my survey.
Thanks!
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Just ordered the book too (last night after the infomercial). Just came across this hub. They claim in the infomerical that without "changing your lifestyle" or paying more that you could pay your mortgage off in 7 to 10 years??
We actually do use a HELOC as leverage against our mortgage, and it is going to allow us to have ALL of our debt paid off in less than half the term of a traditional 30 yr mortgage. Now I know nothing about this book, but that concept really works. I actually have a software program that helps me track the progress of the paydown! It is awesome!
What software program are you using?
The lady in the infomercial has some smokin hot legs
Has anyone had any more feedback on this program?
Does Jill with the smoking legs have a web site?
Recently read the book. Motivated by the John Commuta commercials which seem to get at same idea. Wanted to know how this could possibly work. It seems to be an extraordinary approach to converting debt into wealth. Watch out for those who suggest the opposite such as those trying to sell the idea of maintaining high debt and letting someone invest the extra. Personally, I want to be mortgage free. I am trying to locate the software mentioned in the book.
I wonder how much the software costs that he's talking about in the book.
They said you get a trial of the software.
Lisa, can you share the software you are using?
I found a Ownership Accelerator at the website attached to this message.
Click on Calculator and it starts up.
Interesting idea.
IS THIS BOOK GOOD FOR CANADA
I'm in the same situation as Lisa. I have a program that does work. Haven't read Mr. Weathington's book, but the principle is real. My program works for Canada too, BOBO. I'm new here; are we allowed to mention websites? If we are, www.PayItSooner.info. If we're not, sorry.
Just saw the infomercial but haven't read the book. The concept is imported from Australia. I believe Manulife has a similar product called Manulife One in Canada.
Here we go again. There are so many of these misleading programs being marketed through out the U.S. It is a shame that so many people fall for them. These ads are no different than the TV ads for Ab Machines, etc. They all have their hidden facts. The ab machines claim you will lose weight if you buy the machines, of course at the bottom the ad is the fine print you must diet and do aerobic exercise. If you diet and do aerobica exercise you will lose weight without buying the machines.
If you want to read the facts about many of the misleading claims just read what the Australian government has said about them. They have outlawed them for making similiar claims.
At least the book is only $29.95. I have seen some programs that charge $3500. Of course the book is a lead in to get you to sign up for the software. No telling what you will pay for it. The savings you get from the line of credit is minimal at best. Any substantial savings you get will be from the vailed additional payments you are making with your discretionary income after paying your monthly debts. This is a good thing but its not necessary to pay someone to show you how to do it. Just send as money as you can as soon as you can and you will save maximum interest. THERE IS NO MAGIC TO THESE PRODUCTS. Just misleading claims and statements.
IL's statement as the first comment listed hit the nail on the head.
Funny, $3500 is exactly what the fee is for a scam someone was pushing on me. Then I have to go find people to sign up. Somehow, they say making payments at a certain time against a HELOC/credit card will "slash" interest & you pay off your debt years earlier. Anyone tried this program?
Misleading.
The guy is a weasel.
If he were honest, he would be selling via an infomercial.
My mortgage company, Wells Fargo, set us up with a similar pay down program. Many mortgage company's will do this free of charge, and set up automatic payment programs to be withdrawn from your account. You can stop payments at anytime, or increase or decrease the amount you want taken. Simply call the mort. co and tell them when you want to have your home paid for and they'll tellyou exactly how much extra to pay. Dont buy the book, its only putting 30 bucks into that guys pocket. He's surely paying his mortgage with the book money!
Simply adding more to monthly payments, drastically reduces scheduled payments. One extra house payment annually knocks off at least a year from the end of your schedled term payments.
My Two Cents... thanks for the info... I found the website interesting but the pricetag of $3500 is out of my range... are you using this company and if so, is it working?
Lisa... any chance you can share info on the software you are using to help you pay down your mortgage?
There are reasons that paying off your mortgage early might not be the best use of your money. If it is for you then you don't need a complicated program for 3500 bucks. You need a strict budget which accounts for every dime you will need. Then you put every extra dollar toward debt repayment and you use a technique called snowballing where you roll one debt pament onto another as soon as one is payed off. This website exposes the mortgage accelerators and gives a FREE spreadsheet to do the same thing as the expensive programs. http://www.integramortgages.com/FinancialVOODOO
This one gives a free debt snowballer;
Thank you, my two cents. I listened the website you gave. It makes lots of sense. I'll be to listen to it again; to make sure. There are many ways to get debt fee. Sceptics are normally broke. But, if you really pay attention, things could turn around.
Voodoo, you have no idea what you are talking about. I know people who are using a similar product only it has been upgraded so you do not have to use a HELOC. (home equity line of credit) Many banks are freezing equity lines so this may not be the answer. I am a mortgage consultant who sends my clients to a company that is ahead of what the lenders are doing. Also every person's situation, needs and wants are not the same, so all of these things need to be taken into consideration when making choices. Feel free to email me if you would like more info on another option
Here is my link if you are interested in checking it out. Watch the news clip and the program, remember with our new program upgrade you will not have to open a home equity line of credit (ELOC). Watch and judge for yourself. When you are done feel free to leave your contact information if you would like to learn more.
www.u1stfinancial.net/shelbysaari
What about theories by people like Ric Edelman who say you build more weath by not paying off the mortgage early and take all extra money and investing it instead?
Excel has a program that will show you how to do this.
The program and concepts do work. The $3500 fee is paid using the banks' money. You do not use your personal checking or savings account funds to pay the fee. If one qualifies for a HELOC they can sign up for the program with no out of pocket expenses. You also get educational and coaching services.
I'm skeptical but looking into it. The ones who stay broke are those who are in either extremem either close-minded or too gulllible. A genuine skeptic is smart enough to investigate before jumping in. The one place listed to look up info on Australian 'mortgage scams' listed a bad URL, so that was a dead end.
Making extra payments to principal is very easy to track. You don't need to buy a $40 book asking you to buy expensive software to do it. The amortization equation used to compute one's monthly payments for a given loan amount, interest rate and duration is well known and easy to derive if you know a little math. I made an excel spreadsheet that can track the extra principal payments, and another to show how your mortgage balance is reduced by additional payments to principal. You just input your mortgage information.
I'd be glad to send it to anyone interested for free.
These programs are rip-offs. Educate yourself, there's no reason to pay a lot of money to track it. A simple excel spreadsheet will do the trick. Email me for a copy.
I'm an expert in cash flow analysis and the mathematics of finance, and hate to see people pay dearly for something of minimal value that should be free.
peterkacensky@comcast.net
How quickly your mortgage is paid off depends on how the payments are applied by the bank who holds the mortgage. Most mortgages are NOT simple interest. In a simple interest mortgage you are only charged for the number of days since your last payment which adds up to a lot of savings. In most mortgages, the interest is precalculated regardless. Please consider that your bank may not apply the payment according to the software calculation throwing the timeline and savings out the window. Also consider your home can be foreclosed if your HELOC payments get out of control and you are not able to make them.
I ordered the book and tried the software. I am a bookkeeper, so I understand the idea a bit more than most people. The software is really bad, so I needed to see if it would work and made a very nice excel spreadsheet. I have been doing it for only one month and can see the concept working. I have done everything the book says. There is more info in the book than the leap program, it is a most read. On the other hand THE SOFTWARE IS BAD AND THEY JUST CHARGED ME FOR 59.00 I DIDN'T AUTHORIZE AND I MAY HAVE TO TAKE LEGAL ACTION!!!!!! BEWARE!!!!!!!!!!! DON'T UPLOAD THE SOFTWARE IF YOU DON'T PLAN ON USING IT. WITH A LITTLE TIME YOU CAN DO MUCH BETTER MAKING YOUR OWN EXCEL FORMULA'S.
Anyone who charges you a fee for a complicated computer program is a scammer! The fact is that using s HELOC as a regular checking account, and paying a few thousand 'in advance' off your mortgage balance DOES WORK! - It DOES save you thousands in interest. It DOES take years off your mortgage. You don't need to know any more than that! Go to your bank. Open a 'qualified' HELOC (One that permits you to use it as a regular checking account). Pay maybe $3,000 from it off your mortgage. Deposit your paychecks into the HELOC (and continue to use it instead of your current checking account) until the balance comes down to a few hundred dollars. Then make another mortgage payment. etc. etc. It's that simple. It will save thousand it will cut your mortgage term in half (or better). What else do you need to know?
This really did happen,check it out,it works! www.freedomtowantmore.net
I ordered this book but not never received it , they have charged me not 29.99 + s/h of 8.99 but a whopping 30.00 s/h And have hit my account for 59.99 each month so far 2 x's and giving the impression it will be occuring a total of "5" x's !!! i have tried to call and have left repeated messages for a return call and that i've received "NO" book nor any other info from them at any time yet they continue to post against my account. So proceed at your own risk!!!!!!
There is an excellent explanation on the link below, which explains the acceleration concept, what it really takes to make this work, and how you can become Mortgage Free yourself. http://www.eqxl.com/MortgageAccelerator/index.htm I hope this will shed some light on the topic. Cheers Malan
Pam C.; Call your credit card co. and protest the charges. Scam co.'s never defend their actions and you'll have the charges reversed in a month or so.
I just finished reading all the comments above. This concept is NOT a scam. I've read the entire book and it makes perfect sense. Sure everyone knows that making extra payments on your primary mortgage will pay down your mortgage faster. But how would you get the money back out if you needed it for an emergency? You only have 2 options: 1. sell your house 2. refinance (which costs around 2 points in fees) -- so a $100,000 refinance will cost you $2000 or more in fees --is it really worth $2000? The LEAP system bypasses this! The software is 5 payments of $59.99 after the 30 day trial so I'm not sure why some people are puzzled by the charges. When you call to order the book, they explain exactly what the fees are after the 30 day trial. Beats paying $3,500!!! I also received a letter with my order explaining the details of the fees for the software. If they were trying to scam me, I don't think they would've included that letter from Mr. Weathington telling me of the fee for the software. $300 is well worth the price of the software! If someone can provide one for free, definitely count me in! There's a 30 day money back guarantee so if anyone wants to order, I highly recommend the book. It gives you other tips on getting rid of debt and goes into detail about the leap program. I also love the tip towards end of book about raising your credit score!! This by itself was worth my 30 bucks! I wish people would be more educated about a topic before posting such messages. I wish I would've known about this system 5 years ago. I'd have my house paid off by now!!! Oh, and anyone who tells you NOT to pay off your house and hold the money for investments...don't walk, but RUN away as fast as you can! Anyone telling you debt is good has been brainwashed by the banks and financial system to be a debt slave for life. Read the book to open your eyes and see the truth about this fallacy. Again, I highly recommend this book to anyone who gives a darn about their own personal financial health. Any skeptic will miss out.
I am currently using loanpayoffadvisor.com and it was the best move i hve ever done.
The concept is not a scam. It is acutally pretty easy, but i just found out if you apply these principles incorrectly you could actually lose an additional $20,000 - $30,000 off your savings. ..which is pretty scary check it out for yourself
I'm a mortgage originator and I started a debt/mortgage accel. program 6 mo. ago and it's been amazing. I decided not to use a heloc and I'm still due for payoff of one property in 2 years. I have several other properties in the system and payoff for all is less than 7 years.
I'm so amazed I have to share this program with my old clients who are going to pay over $700K for a $150k house. I wish I knew this before...I would be sitting pretty now! Now, I'm saving hundreds of thousands in interest, I'll have my residence and rental properties paid off before I'm 50 and my daughter will graduate from grad. school student loan free! Not bad for a single mom.
3K is nothing to spend on the program that saves this much real $$$. Besides the payment is wrapped in the program so you never feel it. It's a no brainer...but all you who love the banks and your buddies on wall street, they thank you for your monthly interest payment and the $700 billion bail-out. Who's scamming who?
Totally agree with you however you really don't need the software once you figure out your numbers, as per the comments above, this site shows you how you can save and do this yourself, dont spend $3,500 dude check out this site and see the role the software plays and the hidden catch which is about a third down the page. http://www.eqxl.com/MortgageAccelerator/index.htm
I teach Mortgage Acceleration and offer a Mortgage Accelration/Financial Management Software system with coaching and support . I have been a Banker for over 16 years and mortgage acceleration it is a proven money management stratergy that will save you tens of thousands of dollars .You can even use a interest bearing checking/savings account to run the system so you don't need a equity line. I also offer a Business Opportunity to spread the word but not a mlm , I also offer a 7 day free trial of my software and a free anaylsis so you have nothing to lose to try our softyware . You can go to http://www.mastermindmoney.com we are currently offering our software system for a 1 time fee of $997 to the 1st 100 clients as we just pre-launched our new software last week.The software will sell for $3,500 1 time fee or you can finance it for $495 down and 36 Months of $99 a month everybody who has a mortgage should use this money management stratergy and if you want a complete package give us a try. You can also sign up for free wealth & sales coaching tips,e-books,and audios at my free membership at www.millionairenetwork.org .
To your Financial Future,
Tommy LaRocca
Wealth Coach
damn i meant to sign up as "r u guys nuts"
1st let me say DEBT IN AND OF IT SELF IS NOT BAD. ITS WHAT U USE THE DEBT FOR. IE. DEBT FOR NEW CAR, STEREO, POOL, VACATIONS, ETC = BAD DEBT!!!.
DEBT THAT MAKES U MORE MONEY THAN THE COST OF THE DEBT (VIA INVESTMENTS) = GOOD DEBT . WILL TELL U AT THE END OF THIS WHAT GOOD INVESTMENT IS. Is that a hook or what lol!
2nd let me say why buy the book when u likely can get it from ur local library for free. I on on the waiting list for k treudeu's book credit cures they dont want u to know about . I bot natural cure and diet cure ... what a waste of money. the diet cure is such a regimented diet like over 100 steps. if i could follow that one then the great fruit diet would be a piece of cake. any way to the matter at hand. The extra stuff in the infomerical looked interesting but will try to check out book from library first.
unfortunately what ever is said on this site pro or con will make no difference. The pros are likely employees of the authors or something like that. The cons are likely competitors who want u to buy their system in stead of his. i have nothing to sell ... hmmm or maybe i do. Read on lol.
But think on this ... if u get a heloc it will be in second position and the helocs i have seen are 13% interest plus cuz it is in 2nd postion and considered more risky than a mortage in first position. But lets suppose u got a really good rate at 8%. For the last 3 years + interest on a first mortage has hovered around 6%. now unless heloc are like credit card purchase that dont charge interest if u pay it off before the end of the month, then ur paying more interest on the heloc money than the mortgage ur paying down. So how in hell can u save money.
My 2 ideas would be to get a $20k cred card (several) and progress in this manner. now mind u i just thot this up so dont go semantics or whatever on me. take the 20k which prolly be a cash advance and prolly cost u 2%. pay off that amount on ur mortgage. Then then do a transfer from card to card using the 0% interest period which is 6 mo to a year. when u make that cash advance payment to the mortage co. tell them it is not a paydown but prepaid payments (you should still make substantialy savings in interest. Now u have no payments on the 1st mort so ur monthly mort payment can go toward paying down the CC balance (I dont recommend paying more than the minimum minimum monthly pay tho cuz at some point u have to cash advance again which incurs the 2% charge. btw do not ! not! not! go over 70% of your CC limit on any one card so adjust these amounts accordingly. The first six month of savings on the first balance transfer should pay the 2 or 3 % cash advance fee. k i know i left stuff out but i did this on the fly. surely you can plug the holes. adjust these #s according to the amount u can get on ur CCs.
Idea #2 take the heloc and/or the CC money and invest in foreclosure real estate YES IN THIS MARKET. There are areas of the country that have not experience huge loss in RE value cuz they dint experience the huge gains. they are stable markets. The return on investments can hardly be beat. I dont wanna scare u but i have acheived returns in excess of 100%. And it was safer than in a bank. BUT you say u dont know how. :)
ok time for the sell ( you dint think u was gonna get off scot free did u lololol?) i can show u how . And it wont cost u a dime out of pocket and u dont have to borrow on ur credit card to pay me like those expensive seminars.
Just call 623-845-0972 or 623-255- 7915 the first # may go away cuz i am trying out magic jack as a replacement phone so i gave u both and here is my cel too 623-206-8935
Its very useful information about mortgage free life. Recently i posted an hub on mortgage calculator may be this will be helpful to you http://hubpages.com/hub/MortgageCalculator
Mortgage acceleration is not common knowledge...unfortunately. After reading the above posts I can tell you that there are several options and most will work if you follow a documented plan. I can help you to beome debt free and financially independant if you want to give me a call at 229-273-0452 I will tell you how. I will offer this idea to anyone considering a mortgage acceleration process...it should be budgetable..meaning no more money out of pocket than you are already spending...it should save you time on mortgage...in other words no 'new" 30 year mortgages. if there is a second or new HELOC it should eliminate all other debt and supply your situation with a manner to not end up with new debt or "putting you right back where you started". And it should provide for income protection and retirement savings. Call me for information.
I called after seeing the infomercial, and thought it looked interesting, however I only wanted to buy the book and the people on the other end of the line will badger you so much into buying the DVD they ultimately misguided me into thinking it was being sent for free. Unfortunately for me they were not clear about the thirty day return gig, and it wound up costing me $300.00 in charges to my visa that I was not expecting, when I tried to return the product just after the thirty day time period the turned into a bunch of money grubbing A_ _ HOLES. They were more concerned about ripping me off for $300.00 then there are for really providing a product. I found after some research they they are not selling anything new, or some spectatular program. Everything they offer can already be done just by going to your bank. Definately do not buy this program thier all just a bunch of rip-off scam artists.
Has anyone tried using a Amortization Schedule Calculator? This is what i use to use when refiancing it would give me the amount of interest i would pay the bank. What i figured out is the less time you get the loan for the more money you save. Everyone i knew would alway go back to a 30 year loan and i usually stuck with the 15 and 10 year loans. You also need to know what your affordable level is usually 3.6 time your income. Done buy the book it's clearly a rip off!
working
lk says:
6 months ago
some useful information on mortgage,but the paydown concept HELOC is a nicely vailed way of using your own money from your own paycheck to paydown your mortgage. the secret is add more money to your monthly mortgage bill.