Repayment of loan
You do not pay any monthly payments with HomePace and have the right to return the debt to your co-investor after 15 years. However, do not forget that you should not return the amount received but the current value of the share of your housing paid by the company.
The company takes 3-4% commission from the advance payment they are ready to give their client. It may be a rather large amount.
You may have to pay some maintenance fees (for example, if an assessment is required) during the term of the contract with HomePace.
Early payoff
If you want to pay the company's share before the end of the contract, you can do it at any time. To do this, you have two ways:
To sell the house by contacting a representative of the company. After the sale of the house, HomePace uses the sale price to determine the value of the company's share and your share, as stipulated in the HomePace contract signed by you.
During this 15-year period, you have the opportunity to redeem your contract from HomePace. The company will help you to carry out a third-party assessment of the house. Then you can pay HomePace directly its share of the value of the house and thus close the contract.
