Money Merge Account - MMA
A “money merge account” is a special home equity line of credit placed on your home. Every time you receive a paycheck, the whole thing goes straight towards first paying off any balance in your money merge account, then the entire... [more]
A “money merge account” is a special home equity line of credit placed on your home. Every time you receive a paycheck, the whole thing goes straight towards first paying off any balance in your money merge account, then the entire remainder of your check goes towards paying the interest, then the principal of your home loan. Let’s say you had a mortgage with $1,500 payments and you set up a money merge account. Each month, you received $3,500 in paychecks, but only spent $1,200 (and sometimes less). That means that automatically $2,300 (and sometimes more) goes towards that mortgage each month - an extra $800 towards principal every single month. This means a 30 year mortgage would be paid off in 13 years and two months.
Frozen HELOCs and the United First Financial Money Merge Account
The biggest problem is the banks aren't looking at individual situations. They are looking at which areas are labeled a declining market and then freezing the HELOCs of all their clients in those areas. So, even if a client has a $0 balance on the HELOC or made all payments on time, they can still fall pray to having their HELOC frozen and not being able to access their money.
Since a HELOC is the number one Line of Credit used for the United First Financial Money Merge Account this is a big concern, however, don't fear as there is a way around it.
In a recent post, I explained that clients in Texas cannot get a HELOC, so they have to get a Personal Line of Credit. A Personal Line of Credit is becoming the best way for clients on the United First Financial Money Merge Account to ensure they won't fall pray to freezing of HELOCs by banks.
A Personal Line of Credit works exactly the same way as a HELOC, expect the Personal Line of Credit is based off the credit of the individual NOT the equity in their property. Therefore, even if their property is in a declining area, they don't have to worry about the bank freezing their line. The only drawback is the interest on the Personal Line of Credit is not tax deductable, but the interest you would be charged is so minimal that I don't see this a major concern.
Therefore, if you are considering becoming a client of the United First Financial Money Merge Account or if you are an Agent, then I would suggest looking into a Personal Line of Credit. Here is that list again of banks currently offering a Personal Line of Credit:
US Bank
866-307-3219 ext. 2522
CA, UT, OR, CO, FL
Wells Fargo
888-667-5250
50 States
America One Funding
800-809-0993
50 States
Bank Of America
888-457-2543
50 States
Chase
866-466-8962
50 States
National City
800-622-4036
50 States
Key Bank
800-539-3253
AK, CO, CT, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, WA
Regions Bank
800-588-1267
AL, AR, FL, GA, IA, IL, IN, KY, LA, MO, MS, NC, SC,
TN, TX, VA
Nationwide Unsecured
877-777-9933
50 States
If you have a question regarding this, please call me at 561.756.4279 or email me at xavier687@yahoo.com. I will be happy to answer your questions.
Get Your Free Money Merge Account Analysis Today!
Become a United First Financial Agent and offer the Money Merge Account
Got a Question? Call Charles at 561.756.4279 or email me at xavier687@yahoo.com
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