A company called Truehold launched a sale-leaseback pilot program in St. Louis in July targeted at older homeowners. Truehold buys the home and the resident rents it back from the company. Like any landlord, Truehold takes care of maintenance and upkeep. The fee for the transaction: 5% of the home's sales price. The main attractions are that the owner gets equity out, stays in the home and no longer worries about maintenance.
For many older Americans, it’s important to continue to live in their home and community, but things can become difficult when health and financial challenges arise and most of seniors’ wealth is locked in home equity. Real estate company Truehold recently launched in St. Louis. It offers an innovative, debt-free solution for seniors faced with this problem and helps them live at home for longer.
There’s no place like home. It may be a cliche, but the simple statement holds a lot of truth; however, for many older adults, homeownership can become more of a burden than a comfort. Truehold is dedicated to offering an innovative solution to allow seniors to age in place as long as possible. Its sale-leaseback model provides an option to access home equity without moving or taking on debt, all while removing the weight of property maintenance.
Staying in your own home for as long as possible is the goal for many senior citizens. A new St. Louis startup wants to make that goal a reality. Brian Hardecker is the founder of Truehold Real Estate and Home Services. His company buys homes and then leases them back to the former owners. They get the equity from the house sale and continue to live in their home.
“We saw this opportunity to take sale leasebacks that have been used in the commercial real estate space and use it in the residential space to benefit seniors,” Nick Machesney, TrueHold’s vice president of product and experience.
Continuing to live at home as one gets older can become challenging, as the costs associated with longer life expectancy become a burden and seniors’ wealth often remains locked in their home equity. Truehold is launching a new offering in St. Louis that provides seniors faced with this dilemma the ability to access their home equity without moving out or taking on debt like a reverse mortgage.