EasyKnock

Empowering Homeowners Through PropTech

By Tom Burchnell

Homeownership and the act of becoming a homeowner have long been seen as rights of passage. A mortgage is a huge commitment since the majority of people making mortgage payments couldn’t even dream of paying off such a large loan at the drop of a hat.  That gigantic debt and the monthly payments that come with it can leave homeowners feeling trapped, but it doesn’t have to be that way. What if homeowners could use proptech as a way of converting their equity?

A Home IS an Investment

A big part of the reason most people want to buy a home rather than rent one is that you’re not throwing your money away by simply handing it to a landlord when you could be investing it into a home of your own instead. While more people are choosing to rent single-family homes these days and mortgages aren’t quite as inevitable for the average adult as they once were, it doesn’t devalue the fact that a home is an investment.

The issue with thinking of a home as an investment, though, is that sometimes that investment can be very difficult to access without selling the home. Homeowners are turning to proptech more than ever because selling a home isn’t easy by any stretch and it generally requires that you move. Moving is almost a more daunting prospect than trying to sell your house. As you can see, the chain of events that comes with trying to access your investment can be trying at best.

Tapping Home Equity

When moving isn’t in the cards but you need access to the investment that you’ve made into your home, you may look at traditional equity tapping methods like HELOC loans. These loans are a great way to gain access to your home equity, especially if you use the line of credit they offer within reason. The problem with them is that you’ve got to have a good FICO score to qualify for a HELOC loan. Lenders that offer these loans don’t care that you’ve got a hefty chunk of home equity built up and you only need a part of it; they insist on a fairly clean credit report.

Homeowners Find Freedom in Proptech, FICO Score Aside

Easy Knock’s Sell & Stay program offers the best of both worlds through proptech for homeowners. You get the freedom to convert your home equity to cash without leaving your home in a FICO-free space. With Sell & Stay, we look at the asset rather than your credit history. You can convert your home equity, even if your credit report has a few dings on it, or even if it’s an absolute mess.

It’s your money and we believe that you should have access to it if you need it, or even if you just want it. Maybe you just want to travel, and you don’t want to wait until you retire to enjoy the world at large. Maybe you want to plan your dream wedding. Maybe you want to go back to school without incurring crushing student debt. Whatever you want to convert your home equity for, you can do it, with Sell & Stay, the proptech opportunity for homeowners.

Key Takeaways

Accessing your home equity can sometimes seem impossible. If your credit score is getting in the way of you tapping your home equity, talk to your financial consultant about other solutions, like EasyKnock’s Sell & Stay program, which allows you to sell your home, convert your home equity to cash, and stay there as a renter through proptech for homeowners.

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Tom Burchnell Director of Product Marketing for EasyKnock, licensed real estate agent.

This article is published for educational and informational purposes only. This content is based on research and/or other relevant articles and contains trusted sources, but does not express the concerns of EasyKnock. Our goal at EasyKnock is to provide readers with up-to-date and objective resources on real estate and mortgage-related topics. Our content is written by experienced contributors in the finance and real-estate space and all articles undergo an in-depth review process.