Palo Alto, CA – April 13, 2023 – Point, the leading home equity platform making homeownership more valuable and accessible, today announced it has funded its 10,000th homeowner, unlocking more than $1 billion in home equity for homeowners across the country.
“It doesn’t feel so long ago when we were just starting to work through what a home equity-based financial product might look like in reality. To be able to say we’ve helped more than 10,000 homeowners leverage their equity to better their lives is a fantastic feeling,” said Eddie Lim, CEO of Point. “I knew from personal experience that traditional forms of home equity financing aren’t accessible to many homeowners for a variety of reasons. Point has put $1 billion in cash back in people’s bank accounts and the economy, and we are excited to start working on the next $10 billion.”
Point serves a vital purpose for homeowners by providing them with an easy path to leverage home equity to eliminate debt, get through periods of financial hardship, diversify their wealth, and make the renovations needed to age gracefully at home through its Home Equity Investment (HEI).
Homeowners are able to access funds in exchange for a share of their home's equity. Point’s HEI has no monthly fees, so it doesn’t add to monthly expenses, and homeowners have 30 years to repurchase their equity with no penalty for early repayment.
Even though home equity is a critical savings vehicle and wealth-building tool, many homeowners face significant financial barriers when it comes to accessing that wealth. Point’s equity-based approach enables it to serve homeowners who don’t have perfect credit or stable income, dramatically increasing the accessibility of home equity wealth. Many of the 10,000 homeowners would not have been able to access their home equity wealth via other means.
This past year proved to be an important year of growth for the company. The company grew 182 percent year-over-year in 2022, expanded to several new states, and funded more than $500 million in HEIs.
“Economic factors such as high interest rates and rising inflation pushed homeowners to look for a way to make their home’s equity work for them in a new way. We were proud to be able to serve as many of them as we could. It’s been incredible to watch the home equity investment category grow in recent years. In fact, we expect to fund another billion by sometime in 2024,” added Lim.