About Patch Homes

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:

  1. Patch Homes gives you an initial estimate – The offer is typically for between 5% to 10% of your home’s current value.
  2. Schedule a Home Appraisal – Your home is appraised and the cost of the appraisal is paid for by you (typically $500 – 700).
  3. Formal Offer – Patch Homes presents with you a formal offer
  4. Patch Homes pays you – You meet with a notary to sign the agreement and within a few days the money is transferred to you.
  5. Payback Patch Homes – Patch Homes is paid when you either sell your home, at the end of the term or during the term when you pay them back.

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:

  • BBB – A Rated

All reviews updated as of 10/2/18.

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576 Sacramento Street, Suite 400
San Francisco, CA 94111