I've also been looking into these "Money Merge Account" things.
What I've learned is that they might actually work - but, it's hard to know without actually trying it out.
The main thing that people are worried about seems to be:
#1) The cost of software and #2) The HELOC #3) Can you opt out #4) Why can't I do it on my own?
The cost seems to be relative to what they say you'll save. So, the high cost is because you'll save a ton more than what they charge (I'm not crazy about that idea). The HELOC seems to be needed because of complex calculations that the software does that connects the dots between your paycheck, HELOC and 1st mortgage. Apparently, you can opt out anytime. As far as doing it on your own...the word on the street is that doing it on your own is possible to an extent, but ultimately (apparently) the software method is superior because it does things you can't do on your own. (I'm not sure if that is true, but instead of arguing that point I've decided to let it go. If the software is a glorified calculator then so be it)
Because I don't like to jump into anything without learning all aspects of it I'm taking my time learning more about it. But, I must say...from everything I've been reading and seeing it does seem to work. It's not really the "system", but more the person using it. If you don't follow a budget you'll end up getting off track and into debt with the HELOC. If you are able to follow the program exactly then it seems the ultimate goal of paying your mortgage off early (earlier than by yourself without the system they have with software) is possible.
Also, in all my research I've found what seems to be the founder (or that's what he says) of the whole concept. I took a "webinar" with him and I must say that it did make sense to me. I understood everything clearly and do see how the software works by doing calculations. His system is much cheaper and it's called, "Speed Equity". (you can Google it) His name is Harj Gill. It's strange because apparently he invented this whole thing in Australia and has a big following there, but I can't really find anything about him. He does have a book about the concept which I've ordered from Amazon and it should arrive any day now. "Own your home years sooner"
I haven't made the leap to buying into concept just yet, but I might in the near future depending on what else I learn about "Money Merge Accounts". I'm fairly close to paying the fee for the online software at the Speed Equity site ($149 - the software does the exact same thing as far as I can tell)...it's a lot cheaper than the $3500.. I'd NEVER spend that on software!!!
Another thing that I found is something called, "Precise Principle Pre-Payments". This looks interesting...this guy discusses it on his blog:
Combine “Speed Equity” with Precise Principle Pre-Payments and Turbo Charge Your Way to Being Mortgage Free! « Ron Borg ’s Mortgage Advice
So, with that....I'm curious to know what others think??