I guess the answer to that question is can only really be answered after you have had the opportunity to have your current situation analyzed by an expert. I personally have come across several reviews concerning Money Merge Accounts; some good some bad.

Some people consider it a pure rip off; I have read many peoples opinions who state that you can do the exact same thing with a savings account. While it is true that you can do something similiar with a savings account it is not a Money Merge Account.

There is a whole lot of speculation concerning the Money Merge Account so I wanted to provide a little information here on the topic.

I am not an expert on the MMA (yet) but I do understand how it works quite well and I will probably begin offering the product soon procided that my research finally concludes that it is in the best interest of my client(s).

The way that it works is quite simple; you take out a line of credit and you use the line as a "personal interest cancellation account". More simply stated you can use the line to reduce or eliminate much of the interest that you pay on your mortgage.

The first thing that I believe is important to mention is that your line of credit should be interest only. The reason that it is important to use an interest only account is because your minimum payment will be determined by the interest rate; in this case you will be using the line of credit in a way that will actually cancel out any interest on it.

Think of a credit card for a moment. If you make a purchase on your credit card then pay for that purchase before you actually receive the bill or before it "posts" you will have cancelled out any interest on it. Revolving debt is calculated each day based on the balance that you have accrued. A line of credit just like a credit card is a revolving debt.

With a Money Merge Account you deposit your entire paycheck into the line of credit. The beauty of this is that the money that you deposit into your line of credit counts as the payment but because you are paying each month well in excess of the minimum payment therefore paying off sums that you have used of the line of credit you are cancelling out the interest.

The balance on your line of credit will continue to go down depending on how much discretionary income you have each month after all of your bills are paid. Once your paychecks are deposited into the line of credit you write your checks directly from the line to pay all of your bills; your bills will be the same each month.

As the balance continues to go down the MMA will prompt you to make a transfer from your line of credit to your first mortgage. Of course the length that it takes to pay off the mortgage will really depend on how much of your discretionary income is actually left over after your bills are paid.

I am not an expert on the MMA but i am doing some research and studying. Ultimately I think that this product may be a great financial planning tool for those who have trouble keeping up with their monthly debts but still want to pay off their mortgage early. Some people say that you should not pay off your mortgage early because it is the cheapest money that you can find... Well, I personally think that 0% is cheaper than 6% or 7% and if you pay your mortgage off you will save tens and sometimes hundreds of thousands of dollars.

I will learn a lot more about the Money Merge Account and I will keep you all posted. I imagine that probably only half of the people I deal with will actually benefit from this type of mortgage planning but that is enough of my client base to do the research.

Please comment if you have information about Money Merge Account's that you would like to share.