EasyKnock, a startup company that has raised $3.5 million in seed funding revealed that it plans to partner with folks within the reverse mortgage community, according to a recent report.
"With EasyKnock’s 'Sell and Stay' program, the New York City-based company buys a homeowner’s property and then rents it back to them, with a predetermined buyback option. With this product, consumers can quickly convert all of their equity to cash, minus a 1.5% commission," according to Reverse Mortgage Daily.
"Kessler told RMD that EasyKnock has never been in competition with the reverse mortgage market."
EasyKnock sees itself as another option, not a competitor. The company seeks to help loan originators find clients who aren't approved for a Home Equity Conversion Mortgage, a different solution to that matches their financial needs.
"Loan officers are looking for new streams of revenue with rates rising. We are not looking to compete with them, but to help them by servicing their turn-downs," said Kessler, according to RMD.
To learn more about EasyKnock and the service they provide, click on the image above.