American Mortgage Educators Great Tax Deductibility
The Great Tax Deductibility Scam: Report by Consumer Advocate Exposes How
Millions of Homeowners Are Fooled Into Keeping Their Mortgage for Life
SEATTLE, Aug. 9 -- "This is the most shocking lie
perpetrated and perpetuated on an entire population to keep them in
bondage," says Consumer Advocate and International Mortgage Reduction
Expert Harj Gill.
How many times have you heard someone say, "I'm not paying off my
mortgage because I can use the interest as a tax write off?"
The assumption they're making when they say this is that because you
can claim the interest on your mortgage as a tax deduction and minimize
what you pay the IRS, that this must automatically mean you'll have more
disposable income.
Consumer Advocate Gill's latest Critical Consumer Report blows the lid
on this long held myth and shatters decades of devotion by homeowners to
this erroneous belief.
"The most alarming part is that not only educated homeowners, but many
financial advisors, tax specialists, accountants, lenders, bankers, real
estate agents and mortgage brokers blindly espouse this untruth without
actually having done the math," he declared.
According to Gill, having a mortgage for which you can claim interest
does reduce your taxable income. However, his report clearly illustrates
that this is not financially beneficial for you.
To demonstrate his point he used figures from the IRS-1040 Booklet to
create two hypothetical households with identical financial circumstances
and grossing an income of $65,000.
The only difference between the two is that one had a mortgage and the
other decided to pay it off.
The calculations clearly show that the household with no mortgage and
no interest to claim as a deduction ended up with $8,444 in extra
disposable income.
You only have to follow the logic in the report to discover that paying
down your mortgage puts you in a much better financial position than
keeping it as tax write off.
This finding goes against everything that generations of homeowners
have been led to believe for years.
The question that begs asking is, "Why is it that no one has told the
public the truth about this fallacy?"
"There are three reasons," says Consumer Advocate Gill.
"Lack of education on the part of homeowners is the main one.
"The second is ignorance among a lot of so called professionals who
keep passing on their lack of knowledge about this issue.
"Finally, there is an intentional vested interest to keep you unaware
by those who know the truth.
"Uninformed mortgage brokers, lenders, and bankers feed you this
assumption so they can sell you bigger loans.
"Uninformed real estate agents feed you this assumption so they can
sell you a bigger house.
"Uninformed financial advisors feed you this assumption so they can
convince you to pull out equity from your home and put it into investments
that they are biased toward," he said.
The expose' by Consumer Advocate Gill may very well revolutionize the
long held misconception most homeowners have about paying off their
mortgage.
"The family home is the single most expensive and important investment
most people make in their lifetime," he said.
"If enough people learn the truth and realize that they have been duped
and that it's cost them tens of thousands of dollars over the years,
there's going to be hell to pay."
Gill expects a public outcry from homeowners across the country
demanding an explanation from the individuals and industry groups they have
trusted to provide them with the full facts.
His advice is to read the Critical Consumer Report he has prepared so
homeowners know what they are talking about.
He then recommends homeowners to call their CPA, real estate agent,
banker, financial advisor and anyone else that has given this fallacious
advice and ask them, "Is it financially beneficial for me to pay off my
mortgage or to keep it?"
If they say anything contrary to the findings in the report, he
recommends telling them to download a copy and review it.
Gill says they will either have to admit that they deliberately lied to
you or show their incompetence by not having examined the facts and passing
on ill advice.
To start remedying the situation, he is inviting all homeowners, loan
officers, real estate agents, lenders, bankers, community and work groups
to download the full Critical Consumer Report on this and other crucial
topics from the online Consumer Information Center at
http://www.MortgageFreeUSA.com
Gill concluded, "The only way the average homeowner will discover the
truth is to examine the full picture. Otherwise millions of families are
going to continue believing and passing on this lie at a personal cost of
tens of thousands of dollars."
Consumer Advocate Gill is also an International Bestselling Author, and
Founder, President and CEO of American Mortgage Educators, Inc. He can be
contacted at Info@MortgageFreeUSA.com
