(
) - Whether it's your first house or your fourth, buying a home is exciting - but also stressful.Questions plague homebuyers: Can we afford it? How much do we have to put down? Do we have enough to avoid incurring the dreaded PMI (Private Mortgage Insurance)? For homeowners looking to refinance, it becomes a question of, should we or shouldn't we? What's the down side? Does refinancing make sense in the long term?In the past, consumers had only one option - taking on more debt. In addition to monthly payments with interest, this debt came with increased discomfort and the fear that "if we couldn't afford it, we could lose the roof over our head." Now, there may be another answer.Home co-investing offers a new alternative - a better way to buy and own a home.Home co-investing is a new category that works in partnership with homebuyers and homeowners to invest in the long-term appreciation of a home's value. Whether you're a homebuyer seeking to finance a new purchase or a long-time homeowner looking to maximize equity, home co-investing involves no monthly payments, no interest, and no additional debt.Instead, home co-investing shares in the home's change in value - up or down. You can choose to return the investment any time after three years, or keep it until you sell, for up to 30 years."In a nutshell, we're in business to partner with you in your new or current home," according to the website for Unison, the company that invented this idea. The growing, San Francisco-based home co-investing company is now helping homebuyers and owners in 30 states plus Washington, D.C.Unison's recently published 2019 Home Affordability Report states that individuals earning the current median income will need 14 years to save for a 20-percent down payment. Home co-investing benefits new buyers by helping them get over that first hurdle of the down payment. For example, with home co-investing, prospective buyers can put down 10 percent, and the company puts down 10 percent. The homebuyer can now reach a 20-percent down payment without taking on additional debt."Among the biggest financial mistakes potential buyers can make during the home-buying process is not researching all possible financing options beforehand, including home co-investing," says Cari Jacobs, Chief Marketing Officer at Unison."Think of it as the sharing economy for home buying. By partnering with a company like Unison, you can live the life you want, in the home of your dreams today, while sharing the risk," she explains."It's always better to have more information so you can make a fully informed decision that helps you buy the home you want, and sets you up for long-term financial success."Home co-investing works for current homeowners, too, with opportunities for home equity-based funding for a variety of needs, including home renovations, paying medical bills, or even sending kids to college. But unlike a traditional home equity loan, there is no additional debt and no monthly payment.Home co-investing represents a new way to think about home financing.Visit
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