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The Money Merge Account Program uses the equity line of credit solely as a vehicle or a tool to drive the program. The system is coordinated through Web-based software created by United First Financial and works independently of the lender. The equity line of credit must have the capacity to operate as a primary checking account and be set up with an open-end interest calculation rather than a closed-end interest calculation. Combined with the Money Merge Account software and service, this creates a system in which the money in your line of credit account generates an interest cancellation on your primary mortgage, while the unused money that normally would be sitting “stagnant” in your checking and/or savings account generates an interest cancellation on your line of credit, until otherwise needed.
