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Home Equity Loans can be useful, but they are also Dangerous. A home equity Loan is a one-time lump sum that is paid off over a set amount of time, with a fixed interest rate and the same payments each month. Once you get the money, you cannot borrow further from the loan. Be Very Very careful when you decide to take out a line of Credit on your home. I don't want you to lose your most valuable asset because you got ripped off by a bank. Here is a list of some of the scams you should look out for: Equity Stripping Hidden Terms Loan Flipping "Home Improvement" Credit Insurance Packing Mortgage Servicing Signing Over Your Deed |
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A lot of the information on this site was taken from the FTC. Some of it copied directly. If you want, call them at 1-877-FTC-HELP |