Figure is a financial technology company based in San Francisco, California. Figure leverages blockchain, AI, and analytics in its two products: Home Equity Line and Home Lease Back. Figure’s home-based financial solutions embrace the benefits of home equity for debt consolidation, home improvement, major purchases, and other financial needs.
For prospective borrowers new to the concept of a home equity line of credit, Figure offers a wealth of financial literacy information on its website covering home equity and other financial planning topics. Figure also has an easy-to-use debt consolidation calculator and a loan comparison calculator available for use as consumers consider the benefits of utilizing home equity.
Figure’s home equity line of credit offers the following benefits:
To qualify, you need a minimum credit score of 600 and a maximum combined loan-to-value ratio of 95 percent.
Figure’s Figure Home Lease BackTM allows you to sell your house but keep living in your home. With Home Lease Back, Figure buys your home, then gives you a lease to stay at your home indefinitely (the lease renews annually), giving you flexibility as you decide on your next financial and physical move. To qualify, the minimum credit score is 620 and you must have little mortgage debt (0%-30%).
This product is similar to a reverse mortgage, but Figure claims to offer more cash and no fees compared to a traditional reverse mortgage. The company also takes care of ensuring that property taxes, homeowners insurance, and ongoing maintenance are paid, eliminating the hassle of some aspects of homeownership. Note that Home Lease BackTM is not a loan or loan product.
Figure offers home equity line of credit and a lease back program at this time, but you cannot secure a traditional mortgage product like a conventional loan or any other purchase loans.
The lender works in most U.S. states, but not all. Figure is live in 35 states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, WA, WI, and WY.