

3,448,761
I have not. The best way to pay down a mortgage is to pay more toward principal every month.
Keep it simple. The fewer hands inside the pocket the quicker it will be paid off and the money goes to reduce the loan not a third-party pocket.
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Ernie Steele
Lebanon, PA
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Ron and Alexandra Seigel
Carpinteria, CA
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Jerry Thomas-Construct...
Farmington Hills, MI
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Steve Higgins
Kelowna, BC
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Debe Maxwell, CRS
Charlotte, NC
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Jeff Dowler, CRS
Carlsbad, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Ray Henson
Goodyear, AZ
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John Juarez
Fremont, CA
5,562,435
I haven't but, if there's a cost, I wouldn't. We can pay off our own mortgages in 5-7 years by doubling-up on the monthly principal payments! I'm not going to pay someone to orchestrate that for me! LOL
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Fred Griffin Florida R...
Tallahassee, FL
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Ron and Alexandra Seigel
Carpinteria, CA
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Jerry Thomas-Construct...
Farmington Hills, MI
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Steve Higgins
Kelowna, BC
1,482,126
I did see a presentation from a lender similar to what you describe, Raymond Henson, SRES, GRI
It strikes me a similar to a line of credit. You get salary deposits directly into the loan account to reduce the loan and pay bills directly from the loan account.
Interest on the unpaid balance is reduced by early payments even though total borrowings go up and down.
It seems like it would present problems when it comes to tax time but there is probably a way to make it work. Seems like an accounting challenge but maybe there is a way to simply that aspect.
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Ron and Alexandra Seigel
Carpinteria, CA
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Steve Higgins
Kelowna, BC
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Debe Maxwell, CRS
Charlotte, NC
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Ray Henson
Goodyear, AZ
3,236,484
Raymond, almost sounds like a variation on a HECM type loan.
And I've not watched the whiteboard, but I'll put this in the category of "when it sounds too good to be true, it probably is too good to be true". Companies don't offer programs like this unless there's something really good in it for them. Bill
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Lyn Sims
Schaumburg, IL
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Ron and Alexandra Seigel
Carpinteria, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Steve Higgins
Kelowna, BC
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Ray Henson
Goodyear, AZ
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John Juarez
Fremont, CA
2,719,063
Kathleen Daniels, Probate & Trust Specialist said it best. Unless your mortgage has a prepayment penalty (rare), just pay extra every month. You can knock years off the term of the loan.
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Ernie Steele
Lebanon, PA
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Steve Higgins
Kelowna, BC
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Debe Maxwell, CRS
Charlotte, NC
1,547,084
Never heard of it. Seems like you're trading one loan for another.
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Ron and Alexandra Seigel
Carpinteria, CA
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Debe Maxwell, CRS
Charlotte, NC
5,774,106
Raymond,
I rhink that Kathleen Daniels, Probate & Trust Specialist gave you the best answer...A
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Steve Higgins
Kelowna, BC
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
835,302
I haven't heard of it. We just doubled up our bi-weekly payments to pay it off faster also once a year we are allowed to put down 10% of the total of the original mortgage that also goes straight on the principal too. I would stick with those payment methods, that I can control and it doesn't cost me anything.
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Kathleen Daniels, Prob...
San Jose, CA
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Ron and Alexandra Seigel
Carpinteria, CA
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Debe Maxwell, CRS
Charlotte, NC