Figure Technologies debuts sale lease-back product

Billed as a reverse mortgage alternative, the Figure Home Advantage targets the Boomer market

In October, Figure Technologies entered the home equity space and launched its first-ever product, Figure Home Equity, a hybrid between a traditional home equity loan and a HELOC that allows homeowners to borrow from their home equity.

Now, the company, which is led by former SoFi Founder and CEO Mike Cagney, is back with a new product, one it is billing as an alternative to reverse mortgages.

Called the Figure Home Advantage, the new product is a lease-back solution that allows homeowners to convert their home equity into cash, freeing them from the burden of property taxes, repairs and maintenance, the company said in a press release. 

“With rising interest rates, cash-out refinancing is an increasingly painful way to meet cash flow needs,” Figure Chief Marketing Officer Wendy Harrington said in a statement. “Yet for homeowners nearing or already in retirement, home equity may be the most important source of money they have to support retirement.”

The company explained that Figure Home Advantage has no age restriction, permitting all homeowners to leverage their equity.

In order to make this possible, Figure said it purchases the homes from sellers, allowing them to renew their lease annually and giving them the power to decide how long they stay in the home.

Harrington said that by unlocking hard-earned equity with Figure Home Advantage, homeowners can better their retirement with additional funds and less stress.

The product is now available in 12 markets, including Atlanta, Cincinnati, Cleveland, Dallas, Houston, Jacksonville, Philadelphia, Phoenix, Pittsburgh, Reno, San Antonio and Tampa.

The company said it plans to a total of 40 markets across the country by the end of 2019.

Most Popular Articles

FHA loan limits increasing for almost all of U.S. in 2020

Thanks to increases in home prices in 2019, the Federal Housing Administration loan limit will increase for nearly all of the country in 2020.

Dec 05, 2019 By

Latest Articles

HousingWire is growing. Come join us

2019 has been a year of tremendous audience and product growth for HousingWire and we couldn’t be prouder. But we’re not ready to rest on our laurels. Far from it. In fact, 2020 promises to be an even bigger year for HousingWire.

Dec 06, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please