Beta · in development · seeking launch partners

A paycheck
from your house.

If you bought before the surge, your house may have made more money than you did: six figures of equity you can see but can't touch without losing your rate or taking on a bill. Equity Flow™ is the answer: cash, to you, drawn from the equity you already built, on your schedule, at your size, settled when you sell or any day sooner you choose. It's a loan that pays you instead of billing you, and you keep 100% of your home's future growth.

No monthly payments. Interest accrues instead of billing you, and you can pay it down or off any day, free, to stop the meter. The deposits aren't taxable income, because it's a loan. The full cost is worked out below.

$0
Monthly payments, ever
100%
Of your home's growth stays yours
Zero
Credit-score minimums. Qualify on equity, not FICO
Never
Owe more than your home's sale nets you
Real people, real math

Which of these is you?

Most people who need Equity Flow™ recognize themselves in about four seconds. See the one that fits. Every number is worked out in full below.

The problem you already know

Your wealth is real. You just can't touch it.

Maybe you bought during the pandemic housing boom, locked a rate you'll never see again, and then watched your home's value go vertical. That makes you the newly equity-rich, on paper, because every way to reach that money punishes you for it: a cash-out refi re-prices your entire mortgage at today's rates. A HELOC hands you a new bill every month and wants paystubs first. Selling means losing the rate and the house. So the wealth sits there while life still happens in cash: a career gap, a 22% credit card, a year that just needs a cushion. Equity Flow™ exists so that money moves on your terms: you pick the size, you pick the schedule, you stop it when you don't need it, you settle when you sell.

How it works

How it works, in five steps

Qualify on equity, not income

Your mortgage must be under 60% of your home's value. That's it. No paystubs, no DTI ratio, no explaining your self-employment to a skeptical underwriter, because there are no monthly payments to qualify for.

Independent counseling, required for everyone

Before you sign anything, an independent counselor (flat fee, paid regardless of your decision) walks you through every number, including the worst cases. If a HELOC or reverse mortgage fits your numbers better, the counselor will say so.

Get paid every month, like clockwork

A fixed deposit lands every month, in the size you chose, and keeps landing until you say stop (or until the maximum your equity supports is reached). The entire schedule is funded into a protected trust at closing. That is money in an account with your name on it, and no market dip or company stumble can pause it. The only one who can is you: stop or shrink anytime, free. Deposits are a right, never an obligation. With Bill Shield™, you can route any part of your deposit straight to the bills that threaten homeownership: property taxes and homeowners insurance paid directly, automatically, before they can become liens or lapses.

Interest accrues quietly and never bills you

A fixed rate (illustrative: 10.25%) accrues only on what you've received. Your closing documents print your exact balance for every future year: a worst-case number in writing, on day one. To slow it down, prepay any amount in any month, with zero penalty.

Settle whenever life settles

The loan is repaid when you sell, permanently move on, or pass away, on your timeline, with no deadline and no balloon date, and never for more than what your sale nets you after your mortgage is paid off. Your heirs are never personally liable. Every dollar of appreciation along the way is yours.

Your Situation

Run your real numbers, all of them

The calculator shows the money coming in, the balance growing over time, and what you'd owe at sale.

My home is worth approximately $ today. I bought it in with a $ mortgage on a -year term, locked at %.

Real situations

Who this is for

Illustrative households, real math: every number below comes from the same verified model as the calculator above, at 3%/yr home growth.

Henry, 36: bought in 2022, then the market went vertical
The newly equity-rich

Paid $1.375M; the house is worth $1.95M three years later: $575K of equity that exists everywhere except his bank account, behind a 4.5% rate he's not giving up for anything. Then a layoff. The HELOC he'd have sailed through while employed was unavailable the moment he needed it: no paystubs, no line. Equity Flow™ qualified him on the equity he already had. He set $1,000/month, let it run through the gap, stopped the deposits himself when the new job landed at month 12, and paid the balance off at year 3, on his schedule, nobody else's.

$12,000received, during unemployment
$0monthly payments while it mattered
~$3,700total all-in cost, repaid when he chose
100%of the boom kept, every dollar
Diane, 61: Tampa, where the insurance bill became a second mortgage
The carrying-cost squeeze

Owned since 2007; $650K home, just $190K left on the mortgage: 29% CLTV, the picture of stability. Then her homeowners premium nearly tripled and a reassessment landed the same year: ~$700/month of new carrying costs on a fixed income, for a house that's fully insured, tax-current, and worth triple what she paid. Selling to escape the bills would mean losing the home the bills are for. She sets $700/month with Bill Shield™ routing it straight to the insurer and tax collector, the two bills that take homes from people, paid automatically before they're ever late. She downsizes on her own schedule at 70.

$58,800of bills paid, never late
$0out of monthly income
$49Ktotal cost over 9 years
$572Kwalks away with at 70
Maria, 55: widowed, seven years from her pension
The bridge to 62

$650K home, $280K mortgage at 3.75%. Her pension starts at 62; the years between are the squeeze, and a reverse mortgage is seven birthdays away. She takes $1,400/month for 7 years, sells and downsizes at 63.

$117,600received
$77Ktotal cost of the bridge
$358Kwalks away with at sale
100%of 8 yrs appreciation kept
Renee, 47: divorced, keeping the kids in their school
The payment is the danger

Kept the house and its 3.25% rate; single income covers the mortgage but not the life around it. Plan: sell when her youngest graduates in six years. She takes $1,800/month for 5 years. A HELOC would have been ~$20K cheaper, if she never missed one of 72 payments on a stretched single income. A payment you might miss is a foreclosure risk with a discount sticker.

$108,000received
$51Kcost of six stable years
$267Kat the yr-6 sale
$158Keven if the market goes nowhere
Dan, 51: self-employed, 25 years of great income the bank can't read
The HELOC said no

$700K home, perfect payment history, lumpy 1099 income. Three banks declined his HELOC on paperwork. Equity Flow™ qualifies him on what he has: equity. $1,500/month for 7 years; sells around year 10 with $362K at closing plus everything he received. The math on his alternative: a cash-out refi prices new money cheaper than we do (7% vs. 10.25%), but only after charging him ~$122K to re-price the $350K he already owed at 3.5%. That toll on his own mortgage is the rate-lock value everyone talks about, in dollars. Equity Flow™ is the new money without the toll.

$126,000received
0paystubs required
$362Kat the yr-10 sale
$122Kthe refi's rate-lock toll, never paid

And who it isn't built for

  • You need a single lump sum, not a monthly schedule → a home equity loan delivers that without touching your rate lock, and a cash-out refi re-prices your whole mortgage unless there is no rate lock to protect
  • You can comfortably carry a monthly payment → a HELOC costs less in total
  • You're 62+ → a federally insured HECM is built for that age, and the required counselor covers it
  • You're selling within ~2 years → closing costs make every equity product expensive on that horizon
  • You plan to stay 20+ years and never prepay → compounding makes this the most expensive option over that horizon
The Promise List

What the contract guarantees

Non-recourse, always. Repayment is capped at your home's net sale price. No deficiency against you or your heirs, in any market, in any scenario.
100% of appreciation is yours. We take no share of your home's growth. Our return is the disclosed rate, and it never ratchets.
Your deposits cannot be switched off, except by you. The full schedule is funded into a protected trust at your closing. No market triggers, no models, no pauses on our side, ever. And on your side: stop or shrink the remaining schedule any month, free.
Live your life. Rent the house, renovate the kitchen, or move out for up to 12 months for care, work, or family. None of it is our business, and none of it is a "default."
Prepay anytime, no penalty. Pay the interest as you go, pay down principal, pay it all off. Your call, any month.
Bill Shield™: your home can pay its own bills. Route deposits directly to your property-tax authority and insurance carrier, on their due dates, automatically. The two bills that take homes from people, handled before they're ever late.
Refinance your first mortgage freely. Rate-and-term refis get our signed subordination within 10 business days, a contractual deadline with penalties on us, not a courtesy.
Every owner and spouse signs. Independent counseling for all. Plain-dollar worst-case tables in your closing package. And no arbitration clause; you keep your full right to a courtroom.
A worst-case number, in writing, on day one. Your exact balance at every future date is printed in your documents. The only variable in this product is the day you choose to sell.
The Opportunity

The largest cohort in housing has no product built for it

Roughly 18 million owner-occupied households aged 45 to 61 hold a first mortgage 2+ points below market with 40%+ equity. They will not refinance; the rate lock is the single strongest behavioral force in consumer finance today. They can't or won't carry a HELOC payment. They're too young for a reverse mortgage. Their equity is the largest pool of unmonetizable consumer wealth in America, and it was created, almost overnight, in 2022.

~18M
Locked-in households, ages 45 to 61
$0
Products serving them today
AAA
Rating already achieved on this collateral class (55+)
2022
Year this market was born

The instrument is not an experiment: non-recourse, deferred-interest second liens repaid at occupancy events are already a rated, securitized asset class: Finance of America's HomeSafe Second carries agency AAA ratings on precisely this collateral, age-gated at 55+. Capital is underwriting a proven structure with a birthday requirement removed, plus the distribution engine that finds the borrower.

Why us

Three earlier versions failed diligence before this one

Each earlier structure, and the reason it failed, is part of the diligence file.

4
Product generations stress-tested
25
Adversarial expert reviews across every generation
175
Pricing structures swept in a single sweep alone
13
Failure scenarios traced end-to-end

Version 1, an equity-share structure, failed a nine-lens diligence panel on settled-law grounds before a dollar moved. Version 3, an index-settled symmetric share, died on a 175-combination pricing sweep that proved its economics couldn't pay both sides. A fully open, draw-whenever credit line died too: reserve and funding math priced it past 13%, above what any consumer should pay. What you're looking at is the survivor: the one structure with zero settled-law findings against it, a rated market precedent, and capital-stack math that is in the data room in full.

The complete diligence file (every rejected version, every model, every scenario) is available in our data room.

The Asset

Simple paper, deliberately boring, priced to be held

InstrumentClosed-end loan, recorded second-lien deed of trust; Reg Z reverse-mortgage classified (repayment at sale, move-out, or death); fully disclosed as a loan from the first sentence of the consumer page
CouponFixed 9.75% to 10.5% (illustrative 10.25%), accruing on drawn amounts only, fully deferred (PIK)
DeploymentCommitted monthly draws (e.g., $1,500 × 84 mo); average capital outstanding ≈ half of committed; a structural pricing edge over any lump-sum competitor
UnderwritingCLTV ≤ 60% at close; projected ≤ 75% at draw-end at flat prices including all accrual and fees; senior current with 12-mo clean history; all owners and spouses execute; independent counseling mandatory
Credit support≥25 points of projected borrower-equity cushion at draw-end; non-recourse only past senior + costs of sale
MaturityOccupancy-event (sale / permanent move-out / death), 12-month workout window; no loan-level balloon
Borrower-side fundingFull draw schedule prefunded in a bankruptcy-remote trust: zero originator counterparty risk to the consumer, zero payment-interruption exposure for a regulator to find
Bill Shield™ routingDeposits routable directly to property-tax authorities and insurance carriers on due dates. These are risk-reducing draws: they prevent tax liens and coverage lapses on our own collateral, and the most regulator-defensible use of home equity that exists

Illustrative economics (verified model, same engine as the consumer calculator)

Exit (yr)Loan balanceCushion @ 0% HPICushion @ +3% HPIRealized yield
7 (draw-end)$188K$174K$324K10.25%
10$256K$139K$362K10.25%
12$314K$103K$381K10.25%
15$426K$29K$392K10.25%
20$710K−$183K (impaired)$342KHPI-dependent

$700K home, $350K senior at 3.5%, $1,500/mo × 84 + financed 2% fee, 7% costs of sale. Highlighted rows = the modeled exit window (8 to 14 years, mobility + mortality on this age band). At flat prices the cushion turns negative between years 15 and 20; the asset's principal risk is duration in a dead market, and it is managed at origination: entry CLTV, draw sizing, prepay incentives.

Capital plan

What we're building, and the number that gates it

Anchor forward-flow (now)

A life insurer / annuity writer purchasing whole loans at par under committed flow. Directly held whole mortgage loans are expected to qualify for Schedule B statutory treatment (~0.7% capital charge vs. 30% to 45% for HEI-style equity paper, a 290 to 440 bps net-yield advantage). We will not scale without that confirmation in writing.

Warehouse → first rated takeout (months 24 to 48)

Fixed coupon, standard mortgage files, structure-level legal final, engineered to the published criteria of the existing rated comps from loan one. Gating milestone: ≥85% advance at ≤6.5% weighted coupon. Hit it and the consumer rate clears with room. This number runs the business.

Scale through owned distribution

The noteworth platform reaches the locked-in borrower (one of roughly 18 million nationally, 2+ points below market) at the moment of discovery: the rate-lock analytics session where they learn refinancing is off the table. Education-first funnel, self-qualified leads, CAC structurally below paid-acquisition lenders.

The roadmap: the paycheck funds the line

The scheduled monthly product on this page is Phase 1, chosen by arithmetic, not preference. Committed schedules run at ~90% capital utilization by construction, the only utilization early capital can price, and they securitize as static pools, the structure the rated precedent already proved. Phase 2: Equity Flow™ Flex: re-tap your equity after your schedule ends or between schedules: additional draws on request, each funded and priced at then-current program terms, with approvals costing nothing until drawn. What Phase 2 deliberately is not: an open committed line. We modeled that version; draw-run reserve requirements and revolving-PIK funding costs push its consumer rate past 13%, so it was dropped rather than promise availability that couldn't be guaranteed in a crisis. The full stress model, including the rejected version, is in the data room. The equity-rich household wants a tap on its own wealth. We build the version we can guarantee.

Risk factors

Takeout risk. PIK paper pays no cash until exit; pre-takeout warehouse carry is equity-funded (~$9M to $10M per $100M program over the ramp). If the rated takeout misses its terms or timeline, the sustaining consumer rate exceeds ~10.5% and the product loses to a HELOC on price. Everything else on this page is downstream of this number.
Flat-market duration. The cushion inverts between years 15 and 20 at 0% HPI. Managed by the entry box and draw sizing; not eliminated.
Regulatory footprint. Deliberately a regulated mortgage product: licensing, Reg Z reverse-mortgage disclosures, counseling. Some states age-gate reverse-mortgage statutes; Texas is excluded at launch; the 50-state survey is a gating deliverable in progress.
Competition. The structure is copyable and incumbents have cheaper capital. Our bets: the 45-to-61 whitespace, owned distribution, and takeout-engineered origination from loan one. We claim no legal moat.

The data room is open.

Four product generations, 25 adversarial reviews, and every model and number on this page, independently verifiable. If you allocate to residential credit or you originate at 55+, we should talk.

Request access

The story behind the product →

Questions investors ask

Answers

Isn't this just a reverse mortgage?

Structurally yes, deliberately. It's the tenure paycheck with the birthday requirement removed.

That's the strength of the thesis: the instrument class is proven, rated, and decades-deep in performance data, currently fenced at 62+ (HECM) and 55+ (proprietary). We adopt the classification on purpose: Reg Z reverse-mortgage treatment brings the right disclosure regime for exactly this loan shape. The innovation is who can finally get it, and who funds it.

If the whitespace is real, why hasn't Finance of America already done it?

Because the two conditions that make it viable are both about three years old, and every incumbent class is structurally blocked from moving first.

The borrower (locked-in, equity-rich, can't-refi) was created by the 2022 rate shock. The funding (rated PIK second-lien securitization) was first proven circa 2023. Banks won't hold negative-am paper post-2008; reverse-mortgage shops are culturally and operationally 62+ institutions; and the fintechs who targeted this exact borrower chose "not a loan" HEI structures that courts and statehouses are now dismantling. The plain-loan lane sat empty because the "not a loan" lane looked cheaper. That mispricing is correcting in real time, and the window is whoever moves first with owned distribution.

What happened to the equity-share version of Equity Flow™?

It failed diligence.

A nine-lens adversarial panel found the appreciation-share structure failed on settled law (tax characterization, bankruptcy treatment, homestead enforceability), and that its marketing could not be made accurate without unmaking the product. An index-settled symmetric version failed next, on a 175-combination pricing sweep. A fully open credit line failed after that: the funding math priced it past 13%. The full record of all three is in the data room.

Why launch a fixed monthly schedule instead of a flexible line?

Because utilization math, not preference, picks the launch product.

A flexible line's cost of capital depends on how much of the approved capacity is drawn, and on holding reserves against the rest. At pre-securitization funding costs, any realistic utilization forces the consumer rate past 11%, which loses to a HELOC and fails our own pricing test. A committed monthly schedule runs at ~90% utilization by construction, prices at ~10.25% on day one, and generates exactly the static-pool collateral performance a rated takeout needs. We also modeled the fully-flexible committed line, and dropped it: draw-run reserves and revolving-PIK funding price it past 13%, above what any consumer should pay. Flexibility returns in Phase 2 as priced-at-draw re-taps, not open commitments. We sequence products the way the capital allows, and the model, including the rejected version, is in the data room.

What's the tax treatment?

Boring, which took four product generations to achieve.

Loan advances are not income to the borrower: settled law, no opinion-letter gymnastics, no private ruling required. Home-sale taxation at exit works exactly as it would without us. For holders, deferred interest accrues as OID (taxable before cash), which is why the program targets tax-advantaged balance sheets: insurers, pensions, qualified accounts.

How do you enforce at sale?

Like every second mortgage in America, because it is one.

Recorded deed of trust, binding payoff demands, escrow satisfaction at closing. No novel instrument for a court to puzzle over. Subordinations for rate-and-term refis in 10 business days, by contract, with penalties on us.