Patch Homes is a relatively new company that focuses on using home equity to take out a shared appreciation type of loan. They are similar to a home equity line of credit or HELOC but have some key differences associated with the product. They are currently licensed to operate in six states (California, Washington, Oregon, Colorado, Massachusetts and Georgia). Per the Point website their process is as follows:
The entire process takes between two to three weeks typically. This is much quicker than a standard HELOC, home equity loan or reverse mortgage loans. It does have some unique advantages to the product and it does allow borrowers under age 62 who were interested in a reverse mortgage but couldn’t qualify due to their age or those who don’t have good credit.
Patch Homes Reviews
Patch Homes has the following limited online reviews available:
All reviews updated as of 10/2/18.
|Website address||View Website|
|Address||576 Sacramento Street, Suite 400 San Francisco, CA 94111|