Thursday, June 14, 2007

Another cash-out mechanism

Anyone experienced with Rex & Co.? I'm just starting to read about them in the media. Essentially they're offering to pay homeowners cash now in exchange for taking a percentage of the home's sale when that occurs.

This is from their Website:

1. The homeowners decide how much cash they want to receive (up to $300,000) or the percentage of the future change in value of the home they’re willing to share (up to 50 percent).

2. The homeowners and REX & Co. agree to the value of the home based on various valuation tools, including a neutral 3rd party appraisal.

3. The homeowners receive the Advance Payment in cash immediately upon entering into the REX Agreement—with no interest or monthly payments and may use the money with no restrictions

4. A REX Agreement typically remains in place until the earlier of 50 years* or when the homeowner sells the home—at which time REX & Co. will share in the gain or loss on the home value.

*40 years in Illinois and 30 years in North Carolina.


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