The Home Equity Partners is celebrating one year of business.
The Toronto-based fintech is known for its primary offering, the Home Equity Sharing Agreement, which it describes as “Canada’s most innovative financial solution for homeowners.”
The HESA is a debt-free alternative to traditional loans or reverse mortgages that allows homeowners in the Greater Toronto Area to access up to $500,000 in cash without monthly payments or interest, in exchange for sharing a portion of their home’s future value change.
“Whether you’re looking to pay off high interest debt, invest in higher education, manage the increased cost-of-living, plan for retirement, or undertake long-awaited home renovations, the HESA gives you the financial freedom to achieve your goals,” reads a statement from the Ontario company’s website.
The HESA operates on a 10 year term, though homeowners can exit through agreement at any time.
“The money you pay us will depend on how much your home has changed in value since the start of the agreement,” the company explains. “You’ll need to pay us the original amount that we shared with you, plus or minus our percentage of your home’s change in value.”
Home Equity Partners says its first year has featured “rapid growth,” according to a statement from the firm.
“Our first year has been focused on building a strong foundation,” says founder and chief executive officer Shael Weinreb, “establishing trusted partnerships, supporting homeowners, and demonstrating the value of home equity sharing as a responsible financial solution.”
Thus far, HEQ has built a portfolio of residential real estate assets, with the total combined home value of properties under management surpassing $11 million, Weinreb says.
His company also successfully raised more than $2 million in capital from investors.
“We are incredibly proud of how far we’ve come and excited to continue growing our presence as demand for home equity sharing continues to evolve,” Weinreb stated.
As the firm expands, HEQ is appointing Carl Anthony as Director of Business Development and Corporate Partnerships.
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