If I use a HELOC or equity line, is it legal for me to use a Money Merge Account to pay off my mortgage sooner?
We are not familiar with a "Money Merge Account", but will assume that like a Home Equity Line, this is a product tied to your homes value. These lines of credit are based on a lien on the property. Unless the product has restrictions on use specified in your agreement, you could use this credit line to pay another debt. Recognize that the terms may not be "pocket friendly" so you wouldn't want to use a line of credit at 8% to pay a loan at 6% as you will have increased your credit costs.
In researching a little on "Money Merge Accounts" we did find one product that is meant to help you leverage one credit facility such as a HELOC against a mortgage loan. In some cases there seems to be an agreement that you can pay your mortgage loan back faster. There may also be a large fee to subscribe to this plan. One site posted the cost at $3,500. In many cases you can save on your mortgage without incurring new debt. Simply ask your lender for an amortization schedule, and when you pay your mortgage payment, make this month's full payment and a second payment equal to or larger than next month's interest payment. That in itself can lead to substantial savings with no subscription cost.
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We are not familiar with a "Money Merge Account", but will assume that like a Home Equity Line, this is a product tied to your homes value. These lines of credit are based on a lien on the property. Unless the product has restrictions on use specified in your agreement, you could use this credit line to pay another debt. Recognize that the terms may not be "pocket friendly" so you wouldn't want to use a line of credit at 8% to pay a loan at 6% as you will have increased your credit costs. 