SAN FRANCISCO--(BUSINESS WIRE)--Noah, the California-based company that provides homeowners access to their home equity without incurring debt, is announcing that they are vastly expanding availability. Noah is now available to homeowners on the East Coast including New York, New Jersey, Massachusetts, Washington D.C., Virginia, and Maryland. The company has operated since 2016 in California, Washington, Colorado, Utah, and Oregon, where they have already invested in over $230 million worth of homes.
“Homeowners deserve a way to access their hard-earned equity without being forced to sell their homes or to incur more debt. Increasingly in the US, homeowners are house-rich but cash poor. Collectively, they are sitting on $20 trillion of home equity wealth, yet face mounting expenses without a clear way to access it,” said Sahil Gupta, Founder of Noah. “With Noah, homeowners get access to that cash and we become a partner, helping our customers protect and enhance their most valuable asset, their homes.”
How Noah Works With Homeowners
Noah invests in individual homes, allowing homeowners to tap into their hard-earned equity. The company provides $25,000 to $350,000 in upfront funding in exchange for a share in a home's value. There are no restrictions on that money, and no monthly payments. It’s not debt, so it does not weigh down a credit report. Homeowners owe nothing for 10 years, and if they decide to exit sooner, there are no prepayment penalties.
When the agreement ends, homeowners can choose to buy Noah out with savings, sell the home, or refinance it. Noah’s share is based on the home value, whether it has gone up or gone down. If the home has grown in value, Noah shares in the gain. If the home has lost value over the term, the amount owed to Noah also declines.
Unlike traditional financial institutions, Noah is a true partner to homeowners. Homeowners can use funds without limitations, and have invested in their small businesses, paid off debt, renovated their homes, or simply enjoyed the additional income. They even have access to Noah’s Homeowner Protection Program (HPP). A unique feature of Noah’s approach, the HPP is designed as an add-on investment to protect homeowners and investors. Homeowners can access up to $25,000 or three months of mortgage payments which allows Noah to provide a homeowner additional support in the rare case of financial distress or need for emergency home repairs.
Expansion Covers 53% of the American Housing Market
With this expansion, Noah is now available to 53% of the American housing market. The expansion helps Noah further their mission to help homeowners unlock the value in their homes to live the lives they aspire to. Already, homeowners have accessed almost $29 million of their own wealth and built an additional $10 million in home equity wealth post financing with Noah.
About Noah
Noah is a modern finance company helping homeowners tap into their home value to meet their financial goals without incurring new monthly payments or interest. Founded in 2016, Noah’s innovative home investment model is a debt-free alternative to traditional home equity loans and HELOCs. By partnering with homeowners, Noah offers homeowners upfront financing in exchange for a share in a percentage of their home’s future value. Noah’s investors include Union Square Ventures, Nathan Blecharczyk (Co-founder, Airbnb), Ari Mir and Brian Thomas (Co-founders, Clutter), Henry Ward (CEO, Carta). For more information or to see how much you may qualify for, visit Noah.co.
