{"id":9790,"date":"2023-10-25T14:38:33","date_gmt":"2023-10-25T14:38:33","guid":{"rendered":"https:\/\/imsfund.com\/?p=9790"},"modified":"2023-10-25T14:38:33","modified_gmt":"2023-10-25T14:38:33","slug":"a-new-way-to-speculate-how-home-equity-sharing-agreements-are-going-mainstream","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/10\/25\/a-new-way-to-speculate-how-home-equity-sharing-agreements-are-going-mainstream\/","title":{"rendered":"A New Way to Speculate? How Home Equity Sharing Agreements Are Going Mainstream"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button x-on:click=\"open = !open\" class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<p class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/p>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">Home equity sharing agreements, which allow property owners to get a lump sum of cash in exchange for a portion of their home\u2019s future appreciation or value, are moving from a niche product to a more popular option for funding a variety of needs.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In July, DBRS Morningstar, the fourth-biggest credit ratings agency in the world, became the first to develop a methodology for assessing home equity investment securitizations. That will allow securitized notes backed by home equity sharing agreements to become more mainstream.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">About two years ago, finance company Redwood Trust announced a deal with fintech company Point, which became the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/therealdeal.com\/new-york\/2021\/10\/13\/fintech-firm-completes-first-ever-home-equity-investment-backed-securitization\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">first securitization<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0solely backed by home equity sharing agreements. But the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.inman.com\/2023\/10\/06\/institutional-investors-warming-up-to-home-equity-agreements\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">first rated securitization<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0of notes backed by home equity investments came this fall, with $224 million in notes backed by home equity agreements originated by Unlock Technologies and issued by Saluda Grade. The transaction shows heightened confidence in the asset class as an option for investors.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Home equity sharing agreements are a way for homeowners to access some of the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-home-equity\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">equity<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in their home without taking on debt or making monthly payments. But are they a good option for investors looking to leverage their existing equity to expand their portfolio of properties? And do these speculative investments pose a threat to the market in the long term?<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What is Home Equity Investment?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Home equity investments, often known as shared equity or shared appreciation agreements, provide homeowners with access to cash in exchange for a portion of their home\u2019s future value or future appreciation above a starting point. These contracts aren\u2019t loans, which means they often come with more lenient credit and income requirements, if any, and aren\u2019t impacted by today\u2019s high-interest rate environment. Homeowners can use the cash to make\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rookie-330\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">renovations<\/span><\/a><span data-preserver-spaces=\"true\">, pay off high-interest debt, or even\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/buying-a-second-home\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">buy a second home<\/span><\/a><span data-preserver-spaces=\"true\">, all without a monthly loan payment.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the agreements are secured by your property and typically come with repayment terms ranging from 10 to 30 years. During that time, you\u2019ll usually have the option to repurchase the company\u2019s share of your home equity for more money than you received initially, or you can pay the company their share when you refinance or sell your home.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If the term ends and you don\u2019t have the money for repayment, some contracts may force a sale. Home equity agreements are also nonstandard contracts, unlike home loans, and may have burdensome stipulations for renovations or other terms that may be difficult to comprehend.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Additionally, most agreements come with\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/who-pays-closing-costs\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">closing costs<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and an origination fee, plus a share of your home\u2019s future appreciation or value that equates to a high APR. For example,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.unlock.com\/what-it-costs\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Unlock<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0allows you to access 10% of your home\u2019s current value in exchange for 20% of your home\u2019s future value.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Some companies, including Unlock and Splitero, have a cap that protects homeowners from owing too much in the event of rapid appreciation.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.splitero.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Splitero<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0uses a shared appreciation model, which means the company shares your losses in the event of depreciation as well.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn the event your home or property value drops significantly, your investment repurchase amount to Splitero may be less than your initial investment,\u201d says\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.splitero.com\/about-us\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Michael Gifford<\/span><\/a><span data-preserver-spaces=\"true\">, CEO and co-founder of Splitero, in a conversation with BiggerPockets. However, the company calculates appreciation from a starting point that is less than the appraised value to account for the risk.\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Is Home Equity Investment a Good Option for Real Estate Investors?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">To ensure that a home equity sharing agreement is a favorable way to fund an investment property, you\u2019ll want to ensure that the property would generate returns that exceed the cost of accessing your equity. You\u2019d also want to compare your net revenue over the term with the expected net revenue you\u2019d get financing the property with a traditional\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-a-mortgage\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mortgage<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/heloc-vs-home-equity-loan\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">home equity loan or HELOC<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/10-important-terms-to-know-when-applying-for-a-hard-money-loan\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">hard money loan<\/span><\/a><span data-preserver-spaces=\"true\">, or\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/creative-financing\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">alternative financing<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0arrangement.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But entering into a home equity investment agreement isn\u2019t the same as borrowing, and it comes with other benefits, which means it\u2019s difficult to compare apples to apples with traditional financing options.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Explains Gifford: \u201cBecause it\u2019s not a loan, there are no additional monthly payments affected by the rising interest rates or new debt associated with a Splitero HEI. This means it won\u2019t add to your debt obligations or affect your debt-to-income ratio. Splitero HEIs also don\u2019t have income requirements to qualify, which means if your wealth or income is tied up in a property, you can still access it.\u201d\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Splitero accommodates both owner-occupied and non-owner-occupied properties.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In other words, it\u2019s an option for investors who can\u2019t qualify for other types of financing. And if not having a monthly payment allows you to use your cash flow to grow your\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/are-rental-properties-a-good-investment\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">rental property portfolio<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0faster, you could potentially see earnings well above what you owe the originator of the agreement. But you\u2019ll need to crunch the numbers and, given the complexity of these nonstandard contracts, you\u2019ll likely want input from an\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/why-you-need-a-real-estate-attorney\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">attorney<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It\u2019s also important to understand that while most companies offer calculators you can use to estimate the price to repurchase your share, these tools are based on assumptions about the market that may not hold true.\u00a0\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Risk of Home Equity Investment Securities as a Mainstream Asset Class<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Securitization of home mortgages began in the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.imf.org\/external\/pubs\/ft\/fandd\/2008\/09\/pdf\/basics.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">1970s<\/span><\/a><span data-preserver-spaces=\"true\">. Most mortgage-backed securities have long been considered relatively safe investments since mortgages are collateralized by real property, and government-sponsored mortgage companies like Fannie Mae and Freddie Mac guarantee payments in much of the secondary mortgage market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, home equity investment agreements are typically secondary liens. If the homeowner defaults on their mortgage and the home is sold in foreclosure, the home equity sharing company would only collect after the primary mortgage lender is paid.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Therefore, shared equity securities may be a high-risk, high-reward investment. While real estate tends to appreciate in the long term, the housing boom and subsequent crash of 2007-2008 revealed how typical trends can go awry. Research\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.princeton.edu\/~wxiong\/papers\/Speculation.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">suggests<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that housing speculation was partly to blame for the economic downturn, coupled with the packaging of low-quality mortgages, including\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/irle.berkeley.edu\/publications\/irle-policy-brief\/what-really-caused-the-great-recession\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">subprime loans<\/span><\/a><span data-preserver-spaces=\"true\">, into securities.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">DBRS Morningstar rated the Class A and B notes included in the Unlock HEA Trust 2023-1 as BBB (low) and BB (low), which means that analysis shows the notes to be of \u201cadequate credit quality\u201d and \u201cspeculative, non-investment-grade quality,\u201d respectively.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">DBRS Morningstar\u2019s rating system may help institutional investors view the asset class as reliable, and it\u2019s possible that the government-backed mortgage companies could go as far as becoming players themselves. Under current regulations, Fannie Mae and Freddie Mac can\u2019t buy mortgages constrained by private transfer fee covenants, which are used to enforce home equity investment agreements, but the Federal Housing Finance Agency (FHFA) is\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.inman.com\/2023\/09\/27\/fannie-freddie-may-get-green-light-to-buy-more-shared-equity-loans\/#:~:text=In%20granting%20the%20waiver%20allowing,communities%20where%20housing%20costs%20are\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">considering<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0permanently removing restrictions on shared equity loans.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The move is intended to support affordable housing by allowing shared equity loans administered by land trusts, governments, and nonprofits to be securitized. These programs typically provide down payment assistance to low-income homebuyers in exchange for a share of the home\u2019s future appreciation or value.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The FHFA not only provided a waiver through 2024 that allows Fannie Mae and Freddie Mac to buy shared equity loans but also removed income limits. The agency is requesting comments on whether to make the waiver permanent for the banks it regulates and whether the income limits should be reinstated. Looser standards could contribute to the rising popularity of home equity investment agreements<\/span>, but that can also mean speculative danger.<\/p>\n<p><span data-preserver-spaces=\"true\">But with the average homeowner in the U.S. now sitting on more than\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.corelogic.com\/intelligence\/homeowner-equity-insights-q1-2023\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">$274,000<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in home equity, Gifford doesn\u2019t foresee problems for Splitero, even in an economic downturn, adding: \u201cIt would take a never-before-seen, catastrophic event of greater than 50% declines for the average homeowner to be underwater like we saw during the GFC. After such a correction, most homeowners will still have equity in their homes and are unlikely to sell those properties at that time. It is far more likely they will hold on and ride the value of their home back to higher price levels.\u201d\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Home equity investments may be evolving from a niche product to a mainstream financial tool for property owners. For some, the agreements may be a favorable alternative to taking on new debt. The first-rated securitization of equity-sharing agreements could increase confidence in the validity of the asset class, promoting the growth of home equity investment providers and leading to new, competitive product options for homeowners.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, because home equity sharing agreements are often costly options for property owners looking to leverage their home equity, caution is advised. Furthermore, the economic consequences of lower-quality securities should not be overlooked.\u00a0<\/span><\/p>\n<div id=\"visibility-group-block_64dd56548a48e\" class=\"visibility-group  hidden\">\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-theme-gold-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Get the Best Funding<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Quickly find and compare investor-friendly lenders who specialize in your unique investing strategy. It\u2019s fast, free, and easier than ever!<\/p>\n<p><\/main>\n<\/div>\n<div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n<img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block\" src=\"https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Lender-Match.png\" alt=\"find a lender with lender match\" title=\"A New Way to Speculate? How Home Equity Sharing Agreements Are Going Mainstream 2\"\/>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group__inner-container\">\n<div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n<p><\/main>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/a-new-way-to-speculate-how-home-equity-sharing-agreements-are-going-mainstream\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article Home equity sharing agreements, which allow property owners to get a lump sum of cash in exchange for a portion of their home\u2019s future appreciation or value, are moving from a niche product to a more popular option for funding a variety of needs.\u00a0 In July, DBRS Morningstar, the fourth-biggest credit ratings [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":9791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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