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EasyKnock offers alternative home equity solutions, allowing you to convert your equity into cash. EasyKnock offers three equity programs — Sell & Stay, Sale-Leaseback, and MoveAbility. The Sell & Stay program offers an alternative method of accessing home value to traditional home equity lines of credits (HELOCs) and reverse mortgages with lenient qualifying requirements. The Sale-Leaseback program allows homeowners to sell their home to EasyKnock in exchange for cashing out on their home's equity and remaining in their house as renters. The MoveAbility program allows homeowners to get cash from their equity but take time in selling their home.
Check out EasyKnock's profile below for a more detailed look into the company, or skip down to the EasyKnock reviews below.
EasyKnock’s Sell & Stay program is designed for people who own single-family homes who are looking to convert their home equity into cash, but who aren't quite ready to move out of their home. It is an excellent option for independent contractors, freelancers, and those with bad credit history since the credit score is not as important and there is no W-2 requirement.
The Sell & Stay program is primarily a residential sale-leaseback program. With Sell & Stay, homeowners sell their home to EasyKnock and homeowners can continue to live in their house by paying monthly rent. By selling your house you can quickly recover your home's equity in the form of cash. You can then use your home's equity to pay off debt, fund college, start a business or whatever you like while still remaining in your current home. There is no other company that has this sort of program, EasyKnock offers the only Sell & Stay program for residential homeowners.
How it works:
The MoveAbility program is a great option for those who plan on purchasing a new home but don’t want to worry about having to buy and sell simultaneously. Currently, the program is available to people selling single-family homes, condos, and apartments.
MoveAbility allows homeowners to get cash for their home quickly but waits until the customer is ready to sell. Once the customer is ready, EasyKnock will help them find a realtor to list the home at full market value.
Those who choose to stay in their home will have to pay rent, plus the initial lease term is only six months. However, consumers can renew twice — a total lease term of 18 months — but after that, the home has to be put on the market.
The MoveAbility program is great for people looking for a bit of flexibility while they look for their dream home — it’s also an excellent option for those who don’t qualify for a bridge loan.
Keep in mind that the MoveAbility program is not for those who want to buy back their home, as homeowners do not have that option.
Those in need of immediate cash will be relieved to hear that EasyKnock typically can close on a home in under two weeks. Banks and lenders often take around 40 days. EasyKnock will be able to give up to 70% of the home's value upfront—a huge bonus if you are needing to tap into your home equity quickly.
This money can be used to pay off debts or fund personal needs. Current homeowners that are stretched by their current mortgage payments and homeowners expenses can find peace in the fact that they can recoup a large amount of equity in the form of cash.
EasyKnock is a great option that many customers are satisfied with. Out of about 50 of its customer reviews—
Most of the positive customer reviews talk about how EasyKnock is quick and flexible to work with any sort of circumstances that faced. For example, a recent customer named Jonathan said,
"I had a lot of but a low so nobody would write me a . It was pretty easy and went very well. They answered every question that I had."
The negative reviews shared a common theme pointing out that occasionally the process could get a bit confusing, but typically issues were sorted out promptly and the overwhelming majority highlighted the ease of the of process.
While home equity loans or refinance loans allow consumers to maintain ownership of their home, working with EasyKnock means homeowners will become renters (and have to pay rent). If a renter stays in the home for more than 12 months, the rent will increase by the higher amount of 2.5 percent or CPI annually.
For those looking to maintain homeownership and desire a more traditional then it will be wise for some to look into other options.
A relatively new company, EasyKnock, is an excellent option for those who want access to their home equity but don’t qualify to refinance their mortgage. If you have low income or a low and are wanting to access money quickly, this is a great option for you. The company offers innovative solutions to help you reach your financial goals, beyond just homeownership, and is transparent about the entire process. Site visitors will find the company’s website to be packed with information that is easy to understand and digest.
However, homeowners might not be happy that they’ll have to become renters in a home they once owned and some might find themselves frustrated with increasing rent prices.
We recommend that consumers contact the company for more information and perhaps look over your agreement with an attorney to ensure EasyKnock is right for you.
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Michele Cooper
1 year ago Edited September 12, 2023
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