LOS ANGELES, Oct. 19, 2021 /PRNewswire/ -- Designed to help homeowners struggling to qualify for a traditional low credit refinance, Balance Homes has launched in five states, offering a new and unique way for homeowners to own their homes without conventional mortgage debt. Balance partners with owners, co-investing in their home by paying off their mortgage in full in exchange for a portion of their home equity. This option provides new paths for underserved owners and communities who might not otherwise be able to remain in their home.
With Balance, homeowners make monthly payments on their home that are similar or lower than a traditional mortgage, with the flexibility to skip a cash payment and pay with a home equity withdrawal instead. Homeowners can also purchase shares of equity from Balance at any time, which lowers their monthly payment amount. Like a traditional mortgage, Balance allows homeowners to live in and improve their homes as they please, and they can repay Balance's investment through refinancing or selling the home at any time.
This innovative new system is designed to provide forbearance relief to people who wouldn't qualify otherwise. As explained by Balance's Head of Sales Daniel Osman, "Today all available options for struggling homeowners increase long-term debt and don't provide any flexibility or help the immediate effects of financial instability or other adverse life events. That's why we created Balance." He elaborated, "We wanted to provide another option that could help homeowners get on stable ground without incurring additional debt and provide flexibility in keeping their equity and staying in their home."
Currently, Balance is available to homeowners in Florida, Georgia, Illinois, Minnesota, and Texas, with more states to come soon. The company itself operates remotely with a team of talented professionals across the United States, and continues to grow as their operation expands.
About Balance Homes: Balance provides an alternative to borrowing and mortgaging your home with more flexibility, affordability and wider qualifying criteria. Designed for those who are struggling to afford homeownership, in forbearance or facing foreclosure, Balance offers a new solution to underserved homeowners or those being rejected by big banks. To learn more and get a free proposal on your home, visit https://www.balancehomes.com/.
SOURCE Balance Homes