Pay off your mortgage using a HELOC
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...