Question About "Pay off Your Mortgage with a HELOC?" Notices

[Jeff G.]

Hello BP family,

I ended up on some marketer's email list. I keep getting promotional material suggesting I "pay-off my mortgage in 5 years with a HELOC." Has anybody here gotten marketing material for this kind of thing? Is there any legitimacy to it? What's the "catch?" There is always a catch.

[Mike Landry]

The catch is they want you to pay them to know the "secret". There is no secret. Shuffling your debt around does not save you anything. you can pay all the extra $ each month towards your mortgage and get virtually the same effect. Do a search, there are a few good threads on it.