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Frequently Asked Questions

Can I still sell my home if I'm participating in the Equity Share program?

Yes, you can still sell your home while participating in the Equity Share program. The investor's share of the property will be paid out from the proceeds of the sale.

What happens if I decide not to buy back my shares in the future?

Nothing. This simply means you will own the shares that you already own. The more shares you own when you go to sell your home, the more profit you will get from the proceeds of the sale.

Are there any restrictions on how I can use the funds received from the Equity Share program?

Generally, there are no specific restrictions on how you can use the funds received from the Equity Share program. You can use the funds to pay off debts, make home improvements, invest in a new business, or for any other purpose you deem necessary.

How is the value of my home determined for the Equity Share program?

The value of your home is determined by a professional appraisal, which takes into account factors such as the property's location, condition, and comparable sales in the area.

What is the minimum and maximum amount of equity I can access through the Equity Share program?

The minimum and maximum amount of equity you can access through the Equity Share program will depend on factors such as your home's value, the amount of existing equity, and investor preferences. Tommie Mac will work with you to determine the appropriate amount based on your specific situation.

Can I use the Equity Share program to pay off my mortgage or other debts?

Yes, you can use the funds from the Equity Share program to pay off your mortgage, pay off other debts, or use them for any other purpose you deem necessary.

What is Tommie Mac and what services does it offer?

Tommie Mac is a funding protocol that helps borrowers with unique situations obtain secondary liquidity prior to their loan being funded. This allows non-QM borrowers to become homeowners overnight.

Can I refinance my home while participating in the Equity Share program?

Refinancing your home while participating in the Equity Share program may be possible, but it will depend on the specific terms of your agreement with the investor and any lender requirements. It's important to discuss your refinancing plans with Tommie Mac and your investor to ensure you understand any potential restrictions or implications.

How does the Equity Share program differ from a traditional mortgage or home equity loan?

The Equity Share program allows homeowners to access their home's equity without taking on new debt or refinancing their mortgage. Instead of borrowing against the equity, homeowners sell a fractional interest in their property, which can be bought back at any time.

Can I still make home improvements or renovations while participating in the Equity Share program?

Yes, you can make home improvements or renovations while participating in the Equity Share program. However, it's important to communicate with Tommie Mac and the investor about any significant changes that may affect the value of the property.

What happens if my home's value goes up or down after entering the Equity Share program?

If your home's value increases, the value of the investor's shares will also increase, and vice versa. When you decide to buy back the shares or sell your home, the updated value will be used to determine the buyback or payout amount.

Are there any fees or costs associated with the Equity Share program?

There may be fees associated with the Equity Share program, such as appraisal fees, legal fees, and administrative costs. These fees will be clearly outlined and explained during the application process.

How do I know if I qualify for the Equity Share program?

To qualify for the Equity Share program, your home must meet certain criteria, such as having a minimum amount of equity, being in a marketable location, and being in good condition. You can quickly find out if you qualify by visiting our website and filling out a short application form.

How do I buy back the shares of my home that I sold through the Equity Share program?

To buy back your shares, simply contact Tommie Mac and let us know that you're ready to repurchase. We will guide you through the process and help you complete the transaction.

How can I get in touch with Tommie Mac if I have more questions or need assistance?

If you have more questions or need assistance, you can get in touch with Tommie Mac by visiting our website and using the contact form provided or calling our customer service hotline. We are here to help you with any questions or concerns you may have about the Equity Share program.

Is my personal information secure with Tommie Mac?

Yes, your personal information is secure with Tommie Mac. We take data security seriously and employ the latest security measures to protect your information.

What are the main benefits of using Tommie Mac's Equity Share program?

The main benefits of the Equity Share program include accessing your home's equity without taking on new debt, flexible buyback options, and the potential to save on interest payments compared to traditional financing options.

How does the Equity Share program impact my taxes and insurance?

The Equity Share program may have tax implications depending on your specific circumstances, such as potential capital gains taxes when buying back shares or selling your home. It's essential to consult with a tax professional to understand the tax implications of participating in the program. As for insurance, you'll need to maintain adequate homeowner's insurance coverage on the property, including coverage for the investor's interest.

Can I use the Equity Share program for a rental property or vacation home?

The primary focus of the Equity Share program is on owner-occupied homes. However, the program's availability for rental properties or vacation homes may depend on individual circumstances and investor preferences. It's best to contact Tommie Mac to discuss your specific situation.

What is Tommie Mac's Equity Share program?

The Equity Share program is a revolutionary and innovative way for homeowners to access their home's equity without having to sell their property or take on new debt. Homeowners can sell a fractional interest in their property to an investor and access the funds they need for various purposes.

How long does the Equity Share process take from start to finish?

The Equity Share process typically takes a few weeks from start to finish, depending on factors such as the speed of the appraisal and the completion of any required legal documentation.

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