Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

30 Year Mortgage VS 15 Year Mortgage
So you want to save the interest on your home mortgage.
Mistake No. 1 - Take out a 15 year mortgage.
    Better alternative is a 30 year mortgage with a life insurance policy.
What's the catch - 1. Calculate the monthly loan fee for the purchase for a 30 year amortization.
                          2. Calculate the monthly loan fee for the purchase for a 15 year amortization.
                          3. Take the difference in the mortgage fee and find a life insurance policy for that amount.
This fee difference when used to purchase a whole life policy will enable the borrower to pay off their 30 year mortgage in about 17 years.
What is the benefit: A. Pay off mortgage in less than 30 years. B. Take advantage of deducting the interest on a 30 year mortgage for 17+ years.  C. If house is sold in less than 17 years, one still has a life insurance policy producing income that is tax free.
... more

__________________________________________________
Are you on The Rain? Grow Your Network!