SEATTLE, Aug. 9 /PRNewswire/ -- "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 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

SOURCE American Mortgage Educators, Inc.