The Home   United First Financial Money Merge Accounts: Scam or
Legit?  Email  Print Print    A reader recently sent an email
asking about a program United First Financial runs called a
Money Merge Account and whether it was legitimate. United First
Financial promises that the program, which costs $3500, would
have you pay off the mortgage in one-third to one-half the time
it normally would take. Knowing nothing about money merge
accounts and knowing a little bit more about simple math, I
smelled a fat $3500 scam brewing. The only scenario in which I
could see $3500 cutting your mortgage in half is if you had a
$7000 mortgage. But, setting my mental scam alerts aside, I did
some more research about the plan.  Apparently it’s a fancy name
for an accelerated mortgage repayment scheme. The first step in
the money merge account is to take out a second mortgage on your
home, a home equity line of credit. Then, what you do pay your
entire paycheck towards the first mortgage and withdraw money
from the HELOC to cove