Boomers and Gen Xers - Help is on the Way to Save Money for Investing and Retirement

YELM, WA August 9, 2004 -- Every 7.5 seconds one of America's 76 million Boomers turns fifty. All too soon, approximately 70 million of them will realize – too late – that they don't have enough money to retire.
    
Record-high debt, record-low personal estimated savings and questionable investment portfolios characterize the Boomer and Gen X generations.
    
But a truly revolutionary accelerated mortgage reduction program from ‘Down Under' may help change things. In the U.S. edition of his internationally best selling book, "How To Own Your Home Years Sooner! without making extra interest payments," Australian mortgage expert, Harj Gill, instructs homeowners in a proven mortgage reduction program that enables them to cut their home mortgage terms, in some cases by more than half, while saving tens of thousands of dollars in interest. It accomplishes this without bi-weekly payments or significantly changing a family's lifestyle.
    
Could this be the break Boomers, and the Gen Xers following in their footsteps, need to get financially back on track for their retirement years?
    
"I've been in banking for 15 years and I have a masters degree in finance," says Michael Moore, business development manager for DeepGreen Bank in Seven Hills, Ohio. "And this is the most innovative program I've ever come across."
    
Unlike bi-weekly repayment plans, Gill's program shows borrowers how to take advantage of the fact that interest on a home loan is calculated on the daily principal balance. With a regular loan, the principal remains unchanged until you make your next monthly payment. Gill advises the use of a HELOC, a Home Equity Line of Credit, instead of a regular principal and interest loan as a way to keep the principal balance as low as possible.
    
A family can use a HELOC as their regular bank account. When they transfer savings and paychecks into their HELOC, the principal upon which the loan's daily interest is calculated is reduced by the amount of money transferred into it.
    
"You may save only a couple cents a day in interest," says Gill. "But it compounds. And that's what adds up to hundreds of thousands of dollars in interest payments for a standard 30 year loan."
    
To assist people in managing their HELOCs, Gill's company, American Mortgage Eliminators, LLC, offers a mortgage coaching service and has developed a do-it-yourself software program that enables home loan borrowers to calculate how spending and saving choices affect their mortgage term.
    
Plenty of homeowners in Australia can attest to how Gill's system has changed their lives, enabling them to look forward to retirement with excitement – not trepidation. Darralyn Duffy of Alice Springs, Australia, for example, paid off $18,000 in personal debt as well as her $130,000 mortgage in four and a half years. And Americans are catching on fast.
    
"I'm definitely using this program," says housing contractor Paul Huff of Rainier, WA. "It offers me flexibility and it offers me control…. The book has opened up whole new possibilities."





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