Newfi Lending reports that its EquityChoice product is now available in 16 additional states.
EquityChoice is a second lien, shared appreciation mortgage giving homeowners immediate access to cash without having to liquidate portfolio investments, dip into savings, or experience the pressure of added monthly payments.
The product gives homeowners access to a portion of home equity at a below-market, fixed interest rate while sharing in a portion of the home’s future appreciation.
EquityChoice lets homeowners keep their low-interest, primary mortgages intact while giving them immediate access to capital.
It offers standard mortgage loan terms and lender obligations, such as a capped interest amount, that provide built-in safeguards.
As such it provides a stable, alternative lending solution that relieves interest rate concerns and meets growing homeowner demand for access to liquidity.
EquityChoice was only available in Arizona, California, and Colorado at time of launch but is now available in the following states:
- Arizona
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Idaho
- Kentucky
- Louisiana
- Maine
- Michigan
- Montana
- North Carolina
- New Jersey
- New Mexico
- Ohio
- Oklahoma
- Oregon
- South Carolina
“We’ve seen broad based interest in EquityChoice from borrowers seeking to replace HELOCs that have reset significantly higher with the rapid increase in the Prime Rate, finance ADUs, avoid early withdrawals from retirement plans, remodel homes, finance small businesses and otherwise tap their housing wealth rather than selling their investments or drawing down their liquidity to enhance their situation,” says Pat Doyle, president, Newfi Investment Group, and co-creator of EquityChoice, in a release. “We plan to be in more than 30 states in just a few short months.”
Photo: Nikola Knezevic