November 28, 2007
Money Merge Account Not a Scam
There are pros and cons to the Money Merge Account (MMA), but it is not a scam.
Definition of MMA: "Money Merge Account" is a trademark of United First Financial (UFF). It is online-software-based (you don't install it on your own computer) and used to pay down your mortgage more quickly, as the company says, "in as little as one-third the time." Besides the pricey software component, it is comprised of your house and cash assets–home mortgage(s), checking account(s), savings account(s)–plus a home equity line of credit (HELOC).
Definition of HELOC: A HELOC, in the simplest terms, is a credit card secured by the equity in your house. It can have very high spending limits ($100,000 or more, depending upon how much equity you have in your home), but if you don't pay it back, the lender gets your house–or gets to fight over it with your mortgage holder. The MMA people call this instrument, the HELOC, an "ALOC"–advanced line of credit.
HELOCs have been around for a long time, but have significantly gained in usage this decade as people have been encouraged by bankers to tap the equity in their homes to consolidate credit card debt, take a vacation, remodel, or buy an RV. HELOCs have also been used to reduce the principal on a mortgage, a technique that migrated to the U.S. from Australia in the 80s. Several books have been written on the subject.
Scam: Allegations that the MMA is a scam abound. Among them are:
- it costs $3500
- it's sold through a multi-level marketing (MLM) commissioned sales force
- representatives pay $150 for the privilege of selling it
- reps make about $1000 a sale
- explanations of how the system works vary from rep to rep
- no one will show a customer or prospect a full spreadsheet of how the system works
- prospective customers are discouraged from using the basic principles to accomplish similar results on their own
- customers never own the software they're told they are paying for
- too much mystery
- ____________
In part 2, I'll address why it is not a scam and why you should still not buy it.
If you'd like to be on my mailing list to receive quality information like this from me that I do not post on my blog, please sign up here. I'll help protect your privacy and confidentiality, and you can unsubscribe at any time.
15 Comments on Money Merge Account Not a Scam »
November 29, 2007
United First Financial Scam | The Great Mortgage Revolt @ 8:38 am (Pingback)
[…] about whether or not the Money Merge Account (MMA) being sold by United First Financial is a scam [reasons some think MMA is a scam]. Legitimate and well-trained representatives who understand their product well and are committed to […]
December 14, 2007
United First Financial Money Merge Account | The Great Mortgage Revolt @ 4:20 pm (Pingback)
[…] 14, 2007United First Financial Money Merge Account I've blogged about UFirst before, but I can't get them out of my mind. You see, I write about saving money on your mortgage […]
January 17, 2008
Jablay.us » Mortgage Borrowers Voted Off Fantasy Island @ 8:21 pm (Pingback)
[…] interest without refinancing! You can also read more about United First Financial and their Money Merge Account from Lin Ennis, developer of the 86-page do-it-yourself manual Let Your Mortgage Make You Rich! Why […]
January 25, 2008
Why You Should Avoid The Mortgage Tax Deduction | Jan Ice And Becks @ 2:42 pm (Pingback)
[…] read about the Money Merge Account from Lin Ennis, developer of the 86-page do-it-yourself manual Let Your Mortgage Make You Rich! Why […]
January 27, 2008
Why You Should Avoid The Mortgage Tax Deduction at Submit Free Articles, Get Original Quality Articles @ 10:55 pm (Pingback)
[…] read about the Money Merge Account from Lin Ennis, developer of the 86-page do-it-yourself manual Let Your Mortgage Make You Rich! Why […]
February 1, 2008
Why You Should Avoid The Mortgage Tax Deduction | FINANCE CAR @ 11:36 pm (Pingback)
[…] read about the Money Merge Account from Lin Ennis, developer of the 86-page do-it-yourself manual Let Your Mortgage Make You Rich! Why […]
February 2, 2008
Why You Should Avoid The Mortgage Tax Deduction by Choice Financial Aid @ 1:23 am (Pingback)
[…] read about the Money Merge Account from Lin Ennis, developer of the 86-page do-it-yourself manual Let Your Mortgage Make You Rich! Why […]
March 9, 2008
Get a Brain @ 11:57 am:
Off course IT'S SCAM all it is, is a $3,500.00 website login!!!!!!!! You can buy the software for $39.95 @ www.slateboard.com YOU F*^%*$%#G MORONS!!!!
April 9, 2008
JimmyDaGeek @ 11:55 am:
You don't need a HELOC or MMA or spreadsheet to pay off your mortgage. All you need is discretionary income applied every month to your principal.
If you truly believe that moving money in and out of the HELOC is the best way to use the "bank's money" and "leverage" your interest, then do it the correct way. Make a ONE-TIME INTEREST-ONLY loan from your HELOC equal to your take-home pay and put that toward your mortgage. Run all your income and expenses through the HELOC. Meanwhile use your discretionary income to pay down your mortgage. If you need extra cash, simply borrow it from the HELOC and pay it down to your take-home pay level, before continuing to pay down your mortgage. This is the simplest and most effective way to take advantage of the HELOC.
April 20, 2008
Jacqui @ 6:08 pm:
Ok, if you all think you know it all then tell me why im almost done paying for my house using the ufirst mma software????? Yes, im almost done! I traded 3500 for 88,000 of interest. Anyone semi intelligent would do that! Yes, if you cannot manage money then this program is not for you. On my next house if anyone would like to offer me a very very simple program such as the u first then im your next customer. I dont think anyone can beat this though. With the mma I dont have to worry about spread sheets and the fact that this software makes large chunks towards my principal on the day and to the penny. You all better think about what you are saying ESPECIALLY if you have never used the program yourself. Its like telling someone to buy or not to buy a particular car when you have never owned that partiular one yourself!
Lin @ 6:24 pm:
Hi Jacqui —
Thanks for putting in your two cents worth! (Bring your friends!)
I can't speak for JimmyDaGeek, but I know the MMA software can help a person pay off a mortgage in half the time.
I thought it only came out about a year ago, though. So I'm confused. Was there a beta version or prototype you used? Or are you saying you paid your mortgage (nearly) in a year?
Please enter as many details as you like.
September 15, 2008
selling mortgaged property @ 4:58 am (Pingback)
[…] read about the Money Merge Account from Lin Ennis, developer of the 86-page do-it-yourself manual Let Your Mortgage Make You Rich! Why […]
October 1, 2008
bank of alaska mortgage @ 12:48 pm (Pingback)
[…] interest without refinancing! You can also read more about United First Financial and their Money Merge Account from Lin Ennis, developer of the 86-page do-it-yourself manual Let Your Mortgage Make You Rich! Why […]
October 23, 2008
JohnInVA @ 9:17 am:
I understand the concerns with the "scam". Anything with MLM often elicits that response. It doesn't help that you have all these independent agents that sometimes don't know precisely what they are talking about.
When I was given the presentation, I kept thinking "if its too good to be true, then it probably isn't", especially at $3500. However, I was finally convinced because someone allowed me to look at their account and how it works.
There are people that say it isn't worth it at that price and that you can do it yourself. Without a doubt you can do it yourself(i'm pretty sure i wouldn't be able to follow thru), but as for being "worth it", that is only something that every person would have to decide on their own.
For me it is worth it, because without seeing something to work towards (a goal, in this case paying off our house early) I often lose interest and don't follow thru. And one must remember that while $3500 is a good chunk of change, remember that not only can you use it(the MMA Software) forever more(if you were to buy another property), but you also get live customer service to answer any questions and help facilitate any changes.
When I joined(Jan 08) I was on version 3(v3). With the recent economic uncertainties my wife went back to work. Unfortunately, we outgrew our MMA (our HELOC was too small since my wife was now working and we couldn't increase our HELOC from $10,000 to $30,000 due to the fall home values in our area) so I couldn't input everything as it actually was. I left everything as is and the new expenses/income(daycare for a 4 and 2 y/o, higher gasoline bills, car maintenance, etc) incurred from my wife going back to work were left off. I still showed 17 years left on my mortgage according to MMA (with 29 years left if I made the minimum payments). However, I told my agent about this and she got me switched over to version 4.1 (v4.1). This update allows you to use many different accounts instead of just your HELOC. I use my checkings and savings, but I think you can also use a Credit Card. As soon as I switched over i was able to input everything, and now currently sit at just under 14 years (still would have 29 years to pay). Of course things will come up that will change it both for the better(pay raise, decrease in expenses) and for the worse(decrease in pay, increase in utilities), however I think it is a good product that could help most people.
May 31, 2010
» Why You Should Avoid The Mortgage Tax Deduction Install Macos @ 4:40 am (Pingback)
[…] read about the Money Merge Account from Lin Ennis, developer of the 86-page do-it-yourself manual Let Your Mortgage Make You Rich! Why […]