Pay off your mortgage using a HELOC

[Josh Wallace]

My mom came to me today asking about a strategy she heard about where people are paying off their mortgage in 5 years. I was very skeptical about this and told her not to do anything before she did more research. In her excitement, she sent me a few "informative" videos she had found. From the opening line of the videos, all I could think of was "RUN!!!"

I wanted to see if anyone here has ever heard of this strategy and if so, has anyone tried it? From what I could find, the gurus are telling people to convert their personal checking accounts into a HELOC account. This link talks about the theory: http://www.claytonmorris.com/blog/2015/7/20/how-to...

My brothers and I keep telling her no but I would love to poll the audience here to get other opinions. 

Tagging people here that I feel may have come across this before...

@Brandon Hall @Rik Wallace @Brandon Turner

[Renee Huffaker]

Be aware of changes in the new Tax Reform bill.  As currently proposed, interest on HELOCs will no longer be deductible.  Interest on mortgages for first and second homes will be deductible up to certain limits.  But not HELOCs.  Consult a trusted tax advisor for more information.