For those of you wondering if Money Merge Account Scam is true. This article explains exactly what Money Merge Accounts are and how they work and you decide for yourself. Money Merge Accounts started about 12 years ago in Australia as a means to help borrowers pay off their mortgage and get out of debt. Money Merge Account Review.
What is Money Merge Account?
The Money Merge account (MMA) is a strategy of managing your finances using a home equity line of credit along with software to help offset interest payments, apply more money toward the principle balance of your mortgage and pay your house off in less than half the time.
Money merge account scam? Here’s my take on it, in my own words…
- You take a HELOC or equity line of credit out against your house and use that money to make a sizeable payment toward the principle balance of your mortgage.
- The interest rate of the HELOC may be higher than the interest rate of the actual mortgage; However, since the interest rate of the mortgage is calculated from the variables, the terms and the length of the loan you actually offset the 1st mortgage’s interest rates by accelerating the pay off, applying large payments to the principle.
- Instead of putting your paycheck or income into a bank or checking account, you deposit each check directly into your HELOC or Money Merge Account.
- During certain intervals of time determined by the software, more large amounts of money are again pulled from your HELOC and applied toward the principle.
- If unexpected situations occur where you need extra money, you still have access to the funds in your HELOC.
The software uses complicated algorithms to figure out when and how much money will be applied to paying the HELOC and the 1st mortgage balance and then prompts you to do so. - You have the option to not follow the instructions of the software’s payment schedule, but doing so can be counterproductive to the MMA program.
MMA Scam?
If its so easy, then why can’t I do this myself?
You can, but it demands a well rounded knowledge of the mathematics involved with loans and compound interest along the self discipline to implement! Quite simply obtain an equity line of credit, send extra money to your mortgage company and make sure you follow the steps to have the extra payments applied toward the principle. If this is not stipulated in the correct manor the note holder can use the extra money to pay the interest only and apply nothing toward your principle, defeating the purpose in the first place. You will also need to spend a large amount of time calculating the complicated numbers involved with compound interest to successfully offset the rates and schedule payments accordingly. Doing this yourself requires an amount of dedication comparable to the tedious regime of a career mathematician but for a small fee the Money Merge Account can do it for you.
Do I Qualify for Money Merge Accounts (MMA)?
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