Point is a relatively new company that focuses on using home equity to take out a loan. They are similar to a home equity line of credit 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:
- Check to see if you qualify – Homeowners need to check to see if they qualify after answering some questions.
- Point makes you an offer – The offer is typically for between 5% to 10% of your home’s current value.
- Appraisal of home – Your home is appraised and the cost of the appraisal is paid for by you (typically $500 – 700).
- Point pays you – You meet with a notary to sign the agreement and within a few days the money is transferred to you.
- Payback Point – Point 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 13 – 23 business days typically. This is much quicker than a standard reverse mortgage or a home equity line of credit. 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.
Point has the following online reviews available:
- College Investor – 90% rating with The College Investor
- Trustpilot – 7.4 / 10.0 rating with 1 reviews on Trustpilot
- BBB – A+ Rated and 33% Positive
All reviews updated as of 8/2/18.
522 Ramona St
Palo Alto, CA 94301