StayFrank provides homeowners with access to their home equity through a Home Sale-Leaseback program and Home Equity Agreement, allowing them to convert a portion of their property's value into cash while retaining the right to live in their home. This approach addresses financial stress by offering immediate liquidity without the need to relocate, enabling homeowners to manage debt and improve their financial situation.
Funding
Funding not disclosed
Founders
Product
Problem
Many homeowners face financial challenges such as overwhelming mortgage payments, debt, unemployment, or health issues, making it difficult to access their home equity without incurring additional debt or relocating. Traditional options like refinancing or HELOCs may not be accessible due to income or credit issues.
Solution
StayFrank provides homeowners with alternative solutions to access their home equity, including a Sell & Stay program (home sale-leaseback), a Home Equity Investment (HEI) program, and a Home Equity Plus program. The Sell & Stay program allows homeowners to sell their house and lease it back for up to 3 years, providing immediate cash while retaining the option to repurchase. The HEI program offers a payout for a portion of the home's future appreciation, allowing homeowners to remain the primary owner. The Home Equity Plus program allows homeowners to sell their home, receive the current market equity, and retain a stake in its future appreciation.
Target Audience
StayFrank primarily targets homeowners facing financial stress who need access to their home equity but want to avoid traditional loans, relocation, or incurring additional debt.
Features
- Sell & Stay: Sell your home to StayFrank and lease it back for up to 3 years.
- Home Equity Investment: Receive cash for a fraction of your home's future appreciation while maintaining ownership.
- Home Equity Plus: Sell your home, receive current market equity, and retain an ownership stake in its future appreciation.
- Flexible terms and repayment options tailored to individual financial situations.
- Streamlined process completed in approximately 4 weeks.
- Option to repurchase the home or shared equity at the end of the agreement term (Sell & Stay and HEI).