"Recently, I heard an ad on the radio about a new type of mortgage from CMG Financial that allows you to use the mortgage as if it was a checking account. According to them, this allows you to pay off your loan in about half the time. Would you give me your opinion?" Not a week goes by that a reader does not write me about some new early payoff scheme. They sprout like weeds because the soil is so rich. It consists of the millions of mortgage borrowers hoping that a good fairy will come along and show them how to get rid of their debt more quickly, and with less pain. If I wrote about every one of these schemes, I would never have time to do anything else. This one was worth my time, however, because the central idea is attractive, even though its basic promise, to shorten the term drastically, is highly questionable. To get that result, borrowers must save a significant piece of their income every month and apply it to the balance, which they can do with any mortgage. The basic idea,...
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