Customer Reviews

Secrets Banks and Lenders Don't Want You to Know/ Mortgage Free for Life!

5 star:		(7)
4 star:		(1)
3 star:		(3)
2 star:		(0)
1 star:		(6)

 

 

This is not a new system. I had encountered it some years back. This book was not well written. It has a lot of redundancy. And the examples to not make sense unless you make certain assupmtions. As far as the system goes, it appears you must have some "surplus" money at the end of the month. In the examples it is $1000. If you have an extra $1000 a month, you do not need this elaborate system to get the same results.

Water is water! Dah! There is nothing of significance that you can gain from this book! The measured savings are insignificant with a lot or risk! The author was very repetitive to either lengthen the number of pages or he does not understand what he talks about.

The TV ads proclaim shorting the time to pay mortgage by 40% without any additional payments/funds, it's clearly wrong, even a layman can see that you need to pay additional 12000.00 each year to accomplish this.

Well, that's no secret or needs a smarts to figure it out.

Save your money and time, There are no short cuts.

Do the math. A $100,000 mortgage fixed for 30 years costs $600, if you got it @6% interest. Let us assume you found somebody who gave you the loan interest free, so all you have to pay back is the principle. The claim is you can pay it off in 7-10 years. I am using the 10 years, which means you have to pay $10,000 a year each of the next 10 years. Divide $10,000 by 12 months and you arrive at $833 a months or $233 more than your current payments. You have to make "extra payments" even if you call it something else.

At first glance I bought into the idea to call and order the book. I did. I did not order any other item (including the software) be sent to me. The book by itself has already been paid off in one month. How? I owe on my equity loan. By depositing my paycheck into the HELOC and letting it be there for three weeks before I had to make a payment on my credit card and my mortgage, the interest for the month on the HELOC went from $60 to $20. At this rate it is obvious that I could pay off my mortgage earlier. I do not know how much earlier because I did not request the software because of the $400 charge. So I will remain in the dark as to how much paycheck will pay off how much time earlier. I do not think the software could be worth $400 as it is a one-trick pony while a software program like Quicken costs 1/8th the price and does so much more. Point is: if one has disposable income at the end of a month, then one can apply this program to earn more interest on their money that is paying down their debt. Paying down one's debt simultaneously brings down the principal and lowers debt on that too.
If one already pays everything on time; but, just a day before the last day due and one has disposable income after doing so, one cannot lose! Even if variable interest rate goes up, there would be a certain range that this program could accept before one would lose money. And...we have not even added the benefit that a HELOC can be a tax deductible event that has the government contribute to paying off your loan with you.
Hey, Mr. Weathington, sell the software cheaper and count on volume of sales to increase your profit line.

Like other reviewers, I too was skeptical since I saw this book advertised on an infomercial. But the system does in fact work. Even if you live paycheck to paycheck you can pay off a 30 year loan in 25 (~5 years earlier). That being said, the author is a little missing leading in that to pay ones mortage off in 7-10 years you must contribute each month to paying down the principal on ones mortgage. If you can pay an extra $200 a month on a $200K mortgage you will pay off your 30 year fixed loan in about 15 years. If you can contribute $500 a month towards the principal then the payoff is ~10 years. Of course, an extra $500 a month is $6000 per year which is not a simple task for most family budgets. But if you think of the $100K-$150K in interest you will save then the extra $6K a year is definitely worth it.

As for the software, I order it and then returned it. Yes, it would be nice to be able to "maximize" the system by using the software but it not worth the price of $400. Basically, the higher you can tribute to paying of the principal per month (less your monthly expenses) the better off you will be. For example, if you can apply $1000 a month to principal above and beyond your living expenses, then a typical $200K loan can be paid off in ~7 years. The software would be helpful, but then again, the first step is to just spend the 3-5 minutes a month to make the system work. You can track your own outcome and will be able to "predict" the benefits soon enough without the software. Bottom line is the system works!!

After reading reviews for the early mortgage pay offs, I have been doing this for years, on credit cards, by paying 2-3 times more than the minumin payments, divide the amount you owe by 12 and pay this amount every month and you will owe nothing in interest or very little. If you can't do it for a month or two, redivide and start again and pay that amount or more. You can also, use the same concepts for your mortgage payments. Pay your reg. payment, then take your interest payment divide by 2 add that amount to your regular payment, but indicate that amount on your check, as pay to the principal only. I hope you find this helpful.

Invariably informercials are full of high expectations, good salesmanship; but, the product itself, is misleading and lacks the true information needed to resolve the issue, in this case, reducing and lowering mortgages; putting income back in your purse or pocket. The fact of the matter, if these concepts were true on how to reduce drastically what you pay in interest on a mortgage-which benefits Banks-how to pay principle more vs. interest, could have been detailed in 50 pages or less. The 100 page or more book was done because the principle issues are never solved. You keep reading and finding that you have been duped. The informercial did just what the banker and mortgage person did-dupe you. The people have to change the banking laws/rules that have home owners paying 15 years of a 30 yr.,fixed mortgage in interest. It should be more of a balance: 60/40 ratio; 60 percent of payment for principle; 40 per cent payment for interest. Presently, it favors Banks: we pay 95 per cent in interest for the first 15 years; then, 95 per cent in principle the last 15 years of the 30 year fixed loan. In my case, with a 200, 000 mortgage, I have paid out triple this cost. The book is a rip off; our banking system, sanctioned by congressional statue is ripping us of. What's new?

product was to cheap to be true. so cheap i have not recieved it to this day. was billed for it, no product.will see if i ever receive it or not an will comment again. over a month.

I did not read this book, but was looking into it. Let me say this~ The infomercial says " not available except during this commercial". So I looked online and here it is. Come on! That in itself is keeping me from buying the book. Thanks for the other reviews too! :0)

I found this book fascinating and hard to put down. I am in the process of trying to utilize their recommendations, and hope that I will be able to make it work. Certainly, makes sense. Highly recommend this book!
SS