Lately, a slew of mortgage choppers have come out of the woodwork, offering their thoughts on how you can save money on your mortgage. Some of their ideas are pretty good, while others are peddled as part of "low-cost" debt-reorganization schemes that could set you back several thousand dollars in the twinkle of an eye.

Follis is a retired physics professor who's turned his brain power to developing a new way of paying off a loan. In what he calls the Scotchman's Mortgage--a piece of software that he sells for $10--the borrower makes one annual payment instead of 12 monthly payments each year.

Does his plan work? Follis admits he's never asked a mortgage lender to switch to an annual payment plan. My guess is that most lenders would say no because either their mortgage calculators aren't set up that way, or investors who put up the money for the mortgage are looking for a monthly, not annual, payback. You can reach Follis at 803-788-0374.