Are mortgage savings accounts legit, or the newest ripoff scheme out there?

Question

This seems to make sense but doesn't feel right. I would love to get out of paying interest on my mortgage but if this were a real and legitimate option I would think everyone would be doing it?

Answer 1

Never heard of them.  What are their claims?

There are only two legal ways out of a mortgage:

1)  Pay of the balance due

2)  Stop paying and lose the house

Answer 2

These are also known as money merge accounts. While not necessarily a ripoff they aren't needed. The account is designed to apply all your discretionary income toward your mortgage principal for a fee which will accelerate the payoff.

You can do this on your own if you simply apply additional money every month to your mortgage payment. The thing about a mortgage is you never want to become "House Poor"