What is the catch with 'sell and stay' home equity loans?
'Sell and stay' home equity loans might seem like a sweet deal at first glance, allowing homeowners to cash out their home equity while continuing to live in their homes. However, there's a catch. You're essentially becoming a renter in your own home, with the added risk of eviction if you can't make payments. Plus, there's the potential for rapid increases in rent and the loss of any future property appreciation. So, while the immediate financial relief can be tempting, it's crucial to consider the long-term implications and risks.
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