Why should I participate in EIP, as opposed to a regular home equity loan?
EIP financing has several advantages that you may want to consider: • Easy and simple to qualify • Unlike bank loans, assessment financing is not restricted by a rigid formula related to value • Financing is not based on the owner’s annual income • Assessments do not appear on your credit report • Assessments are paid semi-annually along with your property taxes • Assessments are passed to subsequent property owners, so you don’t have to pay them off if you sell • For financial reporting, these transactions would be treated the same as other assessments on your property
