Offset Mortgages - Are there any reputable companies offering them in the USA?

There was a classic thread about this at FW:
https://web.archive.org/web/20160304050255/http://www.fatwallet.com:80/forums/finance/741176/

Wells Fargo used to offer one, but it looks like they no longer offer it. Anyone have any insight on this?

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It looks like Citi was experimenting with doing these types of accounts:
http://www.citigroup.com/citi/news/2013/130425d.htm

It’s too bad that it’s a regional deal.

Not helpful to your comment, but we have them here in Australia. They sounded like a total gimmick when I first heard about it, but it really is a god send in terms of shaving off lots of time off your mortgage, simply for having money in your bank account. It completely negates having a high interest savings account as well, as it’s hard to beat mortgage rates in “savings”, compared to a HISA (that’s usually a lower rate than the mortgage rate and that’s taxed).

The only downside to AU mortgages as a whole is the no fixed mortgage business. They offer them up to 5 years, but nothing beyond that. It makes budgeting very hard over the long term, as mortgage rates can go through the roof and you’re at the mercy of accepting the change eventually.

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It doesn’t matter that a decade has now passed, these products are still total scams.

Oh, and SIS is still a God among men.

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A revolving home equity line is about the closest thing we’ve got.

Would you say this is the case with the offset mortgages that were offered by Washington Mutual and Wells Fargo?

I’m well aware that there are a couple of sketchy companies offering them with poor terms.

Oh, and I agree with your assessment of SIS. His posts have significantly impacted my life.

The products arent scams. The sales pitch hawking the product is the scam.

And that’s all you need to replicate the results of those “special” products.

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