Maine Equity Share Agreement

State:
Multi-State
Control #:
US-00036DR
Format:
Word; 
Rich Text
Instant download

Description

In equity sharing both parties benefit from the relationship. Equity sharing, also known as housing equity partnership (HEP), gives a person the opportunity to purchase a home even if he cannot afford a mortgage on the whole of the current value. Often the remaining share is held by the house builder, property owner or a housing association. Both parties receive tax benefits. Another advantage is the return on investment for the investor, while for the occupier a home becomes readily available even when funds are insufficient.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

A home equity agreement (HEA) is a financial option that allows you to get a large lump sum without taking on additional debt payments or selling your property?. You receive cash after signing the agreement. In exchange, the HEA provider will receive a percentage of your home's future equity.

Instead of paying interest like with a regular loan, home equity sharing agreements are repaid a bit differently. You'll need to repay back the initial amount you borrowed, plus a portion of your home's appreciated value, at the end of a specified term length.

Con: You'll likely pay much more than you get This would require the borrower to be capable of making a $662 monthly payment, but the overall savings are significant. You also won't be able to borrow as much with a home equity sharing agreement as you could with a home equity loan or HELOC.

Home equity sharing agreements are generally best for people whose poor credit or temporary financial difficulties could make it difficult to qualify for a traditional loan. Here's how they work, the benefits and drawbacks, and who they are right for.

With a home equity loan, you'll make full monthly payments during the entire term. A HELOC, on the other hand, requires partial payments during the draw period and larger monthly payments ? including sometimes a balloon payment at the end of the loan term ? during the repayment period.

A home equity agreement (HEA) is a financial option that allows you to get a large lump sum without taking on additional debt payments or selling your property?. You receive cash after signing the agreement. In exchange, the HEA provider will receive a percentage of your home's future equity.

For example, if fair market rent for a property is $2,000 and the investor-co-owner owns a 40% interest in the property through a shared equity financing agreement, the occupying co-owner must pay the investor $800 a month in rent.

A shared equity finance agreement allows multiple parties to go in on the purchase of a property, splitting the equity ownership ingly. This type of arrangement is often structured when one party on their own cannot afford to purchase a home?for instance, when a parent helps an adult child.

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Maine Equity Share Agreement