Dirty tricks financial advisers play

Question: I’m 29, prepare about $260,000 a year and am thinking about purchasing a house. I was approached by a financial adviser who wants me to invest in an equity indexed universal life insurance policy, which he called a “surefire” way to develop a sizable nest egg that grows tax-free and can plus be tapped tax-free via a loan. He suggested that I purchase a house using an interest-only mortgage, which would have lower payments than a regular mortgage, and next invest the difference into the life insurance policy. He plus suggested I take out a home equity line of credit on the home and invest the loan proceeds in the insurance policy. He threw around claims like “do what the banks do” and “make money off of borrowed money.” I would like to get an unbiased second opinion, so any advice you could give would be greatly appreciated. –Randolph, […]

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