Looking for fuller disclosure on Shared Equity/Shared Appreciation programs

[Louisa62]

Returning to this forum after about a decade. I've been considering the idea of buying a second property on an acreage in the Midwest, without selling my home in WA. Could eliminate mortgage altogether if we sell but would rather stay put for the time-being, in which case we'd need a loan. But today I came across a program that apparently isn't a mortgage, but an investment opportunity. My understanding is that there would be no payments and no interest, but the value of the property would be shared between the homeowner and investor (Shared Equity provider), at a rate of somewhere between 5% and 49% depending on the amount invested. Beyond that it is difficult to get further information without getting spammed by mortgage dealers.

Does anyone on this forum have some details and insights on these programs? Anyone have an experience to share?

 

[asaani]

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[ReaSawey]

As a mortgage broker, I can say that these programs can be a bit complicated, but the basic idea is that an investor would provide a lump sum to help you purchase a property in exchange for a share in its appreciation.

 

[ReaSawey]

As a mortgage broker, I can say that these programs can be a bit complicated, but the basic idea is that an investor would provide a lump sum to help you purchase a property in exchange for a share in its appreciation.

If you're looking for more information and insights, I highly recommend reaching out to Open & Honest Mortgage Broker in Sheffield. They have a team of experts who can provide a more detailed explanation of these programs and help you understand the full disclosure. Moreover, Mortgage Advisor Sheffield can also answer any questions you may have and help you explore your options.
Let me know if there's anything else I can help with!

 

[repatrison]

When I had to choose between a mortgage or shared equity I chose the mortgage and I’m sure that it was the best choice, because due to it, I found out about some mistakes in my credit reports that appeared during the credit report check. https://consumerattorneys.com/practice-area/credit-reporting-errors This article helped me to resolve my problems. But talking about your case, because of the fact that a shared equity is a less known concept, let me explain its benefits. First of all, you have no monthly payments, but you may have legal and tax implications.Secondly, you agree to share a portion of the property's appreciation with the investor when you sell the property. I suggest you get in touch with a financial attorney that can help you in choosing what best fits you.