SAN MATEO, Calif., September 25, 2015 --- The Home Wealth Specialists at Barastone announced that, to date, local residents have received more than $15 million of cash from their home wealth through a new program that enables homeowners to access liquidity (cash),without taking out loans or incurring additional debt. That number continues to grow as more homeowners become aware of the program, which is offered through Barastone, as an alternative to debt-based loans and reverse mortgages.
As the first authorized originator of EquityKey’s Real Estate Participation Agreement, Barastone has already helped more than 50 homeowners reduce or retire debt, supplement income, invest in a new business, make home improvements, pay for college educations and more.
“Early on we recognized the potential that a tool like this would offer to homeowners, especially in the SF Bay Area, where many homeowners have a high concentration of wealth tied up in their homes. ” said Steve Hotovec of Barastone. He noted that many homeowners don’t want to sell or take on additional debt, and may benefit from this new way of accessing their home wealth that doesn’t require making interest or monthly payments, or tapping into their equity.
Since Barastone began spreading the word about this program more than a year ago, homeowners up and down the peninsula, including San Mateo, Belmont, Burlingame, San Carlos, Foster City, Woodside, Redwood City, Half Moon Bay, Menlo Park and the surrounding Bay Area region have taken advantage of it. The company works closely with homeowners and their financial advisors to customize plans intended to maximize their home wealth.
“Our focus on improving their home wealth management really resonates with homeowners who have put our solutions and strategies to work, ” Hotovec added.