My social media has been blowing up with Home Equity Agreement ads lately that make them sound like a magical cure-all for homeowners who need money. They just happen to leave out the massive equity payout due upon the term of the contract or the fees included. I guess they are technically not considered a loan, so TILA isn’t applicable. I’m hoping it’s just that my algorithm is messed up from watching these ads so I can screen record them, but I get the impression this is their prime time to strike. Anyone else seeing a lot of these?
Yeah, I’ve noticed those ads everywhere too. It’s like they think homeowners are just desperate for cash. So misleading.
Marlow said:
Yeah, I’ve noticed those ads everywhere too. It’s like they think homeowners are just desperate for cash. So misleading.
For real. They make it sound so easy, but they never mention the fine print.
@Blair
Exactly. It’s always about the benefits, but they skip over the costs. Makes you wonder who’s behind them.
I thought it was just me. I keep seeing those ads pop up on my feed. It’s like a flood of them.
Charlie said:
I thought it was just me. I keep seeing those ads pop up on my feed. It’s like a flood of them.
Right? It’s almost overwhelming. Do you think they’re targeting specific audiences or just everyone?
@Winter
Probably everyone, but I think they’re targeting homeowners specifically since it’s all about equity.
I wouldn’t trust those things anyway. If it sounds too good to be true, it probably is. Just be careful.
Zyler said:
I wouldn’t trust those things anyway. If it sounds too good to be true, it probably is. Just be careful.
Totally agree. They seem to gloss over the risks involved. What do you think the best option is for homeowners needing cash?
@Marlow
Honestly, I’d stick with traditional loans if you can. At least you know what you’re getting into.
I was curious about those ads too. Are they really that different from regular loans?
Finlo said:
I was curious about those ads too. Are they really that different from regular loans?
They’re structured differently. HEAs aren’t loans, so they don’t follow the same rules, like TILA.
@Winter
Got it. So they can kind of do their own thing without the same regulations?
I’m just trying to figure out if these ads are even legal. Seems sketchy to me.
Teal said:
I’m just trying to figure out if these ads are even legal. Seems sketchy to me.
They may be legal, but that doesn’t mean they’re ethical. It’s definitely a gray area.
Teal said:
I’m just trying to figure out if these ads are even legal. Seems sketchy to me.
They may be legal, but that doesn’t mean they’re ethical. It’s definitely a gray area.
That’s what I was thinking. Just because something is legal doesn’t mean it’s a good idea.