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Happy Mortgage Independence Day!

Have you heard those words?  Do you remember your parents or grandparents having a "mortgage burning party" in the 60's or 70's?  It was the ultimate sign of financial independence to have your home paid off.  Ridding yourself of the bank's debt was an American ideal that sprang from the Depression.  Banks, during the Depression, haphazardly called people's loans when they were in trouble.  That means that the bank got in trouble and sent a letter to the homeowner to pay off the mortgage they held on the owner's property.  The owner had to pay or be foreclosed.

THAT CAN NOT HAPPEN TO YOU.

Callable loans are no longer allowed on residential real estate.  Balloon mortgages and adjustable rate loans are allowed but the bank just can't decide that they want the money back at their discretion.  Read your loan note to understand exactly what the terms of your loan are.

We define "Mortgage Independence Day" differently than your parents or grandparents did.  Rather than having your loan paid in full, we prefer to identify "Mortgage Independence Day" as the day when you have enough money , IN A SEPARATE ACCOUNT, to pay off the home loan...IF THAT IS WHAT YOU CHOOSE TO DO.  We think that lots of cash in the bank (or investments) is the ultimate form of independence. 

It appears that our mantra of equity splitting and investing for your future is catching on.  The New York Times ran an article about Baby Boomers who are rejecting the traditional Boomer Economics model for our Asset Optimization Strategy.

Happy Independence Day,  America !  If you aren't at  "Mortgage Independence Day"  yet, call Laurie and ask her about her "Unlikely Millionaire" clients. 

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