HomePace is made up of a group of professionals based in Utah. The company offers two key services: providing funds for a down payment on a home or assisting existing homeowners access some of the home's equity.
They provide a "silent partnership" of home co-ownership — an alternative to the typical home equity loan by supplying cash now.
HomePace will match your down payment in exchange for a share of your home's future change in value. This means you will receive half of the 20% down payment at the start of the contract.
If you are currently a homeowner and have a project you want to finance, HomePace provides up-front cash in exchange for a share of your home's future change in value. When you sell your home, HomePace gets paid its portion of the proceeds.
You can finance whatever life event you want or reach your down payment without going further into debt.
If there is a loss in value of the home when it is sold, HomePace shares in a part of that loss with the homeowner. That means that in the unlikely event that HomePace's share of the losses at the time of sale exceeds the value of the initial payment that was given to the homeowner, they waive the right to the company's share.
The contract with HomePace lasts up to 15 years. If you reach the end of your contract and do not wish to sell your home, you have the option to buy out the contract.
When the home sells, part of that sale must go back to HomePace for the company's share of the home value.
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