(WHTM) — The average U.S. household carries $105,000 in debt, an all-time high number pushing buyers to borrow against their home equity.
A relatively new product on the market, a shared equity agreement promises cash now without a monthly payment in exchange for a percentage of a home’s future appreciation. It sounds enticing, but lawmakers warned it’s unregulated.
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This Week in Pennsylvania
A burned Bucks County homeowner called hers “unconscionable.” A single mom of three kids with post-divorce debt, she needed money but couldn’t get a conventional loan. A shared equity agreement gave her more than $100,000…