Is 9 year mortgage/whole life insurance a solid investment or a scam?
My husband and I (both in our 50s) got involved with "9 year mortgage". My husband heard advertisements on the radio, there were many phone conversations with a number of people etc.
In the end we did commit to 4 years of monthly payments of $2,200.- and there-after monthly payments of $1,600.- in exchange for promises of the mortgage being paid off in about 7 years. After that, I understand, you make those mortgage payments back to "The Plan". Meanwhile, having a whole life insurance policy on me. Cash value grows. Then becomes extra income during retirement.
Every time we talk to the agent, it sounds like a good solid plan but 2 days later I get cold feet and worry, worry, worry.
Is there anyone out there with experience in this particular plan? All I can find online, leads right back to the "9 year mortgage" website.
Thank you to anyone who can give me some understandable insight.