HEA - Home Equity Agreement??

[Christopher Jason Lloyd]

Came across an ad for Home Equity Agreements the other day... I haven't heard much talk of these. Just curious, has anyone here ever used one if they couldn't qualify for a HELOC or want to refinance? What was your experience?

Just briefly looking into it, it seems like it would really only make sense if you had equity but couldn't/didn't want to get a HELOC or Refi depending on the situation but maybe someone here has more insight?? Looking forward to your responses!