Frequently asked questions

  • What are the basic property requirements to qualify for a Splitero investment?

    In order to be eligible for a Splitero investment, the subject property must be located in an eligible area and have an appraised value between $150,000 - $5,000,000. Properties that may be eligible for a Splitero investment include:

    • Single-family residence
    • Condominiums
    • Townhomes
    • Properties with 2-4 units
    • Owner occupied and non-owner occupied
    • Held by individuals, in trusts (subject to approval), and by LLCs (subject to approval)
      Properties that are not eligible for a Splitero investment include:

    • Properties located on 5 or more acres
    • Mixed-usage if non-owner occupied
    • Modular
    • Manufactured/Prefabricated
    • Log cabins
    • Houseboats
    • Homes with nontraditional design (e.g. geodesic, earth berm, constructed from a shipping container)
    • Commercial/Agricultural use case properties
    • Properties located on 5 or more acres
    • Timeshares, fractional or segmented ownership
  • Will my credit be pulled, what type of pull is it, and is there a minimum credit score requirement?

    There is no minimum credit score. During the pre-qualification process, we will run a soft inquiry on your credit. A soft inquiry does not affect your credit score. At the time of application, we will pull your credit which will result in a hard inquiry. Your credit report will remain valid for 120 days from the date it is pulled.

  • How long will it take for a homeowner to be notified of an approval decision?

    Once a full application has been submitted, you may receive an approval decision in as little as one day. Once a homeowner is approved, we will then determine the eligibility of the home to ensure it meets Splitero’s minimum investment criteria. In some situations, homeowners receive their Splitero Offer in as little as one day from the application approval date.

  • How long will it take to get my funds?

    Once you are approved, you may receive your funds in as little as fourteen (14) days.

  • Are second homes or investment properties eligible?

    Yes, Splitero invests in non-owner occupied homes.

  • Is my property eligible if it is held in a trust?

    Properties held in trust are eligible for a Splitero investment. You will need to provide documentation on your trust prior to receiving full application approval.

  • How much money can I get from Splitero?

    Splitero offers investments up to $500,000. We will take your credit history and home equity position into consideration when determining the offer amount. The minimum equity a homeowner must retain in the home after the investment is 20%.

    Click here to pre-qualify for a Splitero investment! It takes less than 2 minutes to see how much you may qualify for.

  • Am I eligible if I have an existing reverse mortgage or another shared equity agreement?

    You may be eligible as long as you pay off your reverse mortgage or shared equity agreement before or through the closing of your Splitero investment.

    Click here to see if the amount you may qualify for will be sufficient to pay off an existing obligation.

  • Am I eligible if I have had a recent Bankruptcy or Foreclosure?

    Full underwriting applies but generally you are still eligible if:

    Bankruptcy was more than 4 years ago, or more than 2 years ago in extenuating circumstances, from the most recent dismissal date.

    Foreclosure was more than 7 years ago, or more than 4 years ago in extenuating circumstances, from the completion date.

  • When and how is my home’s value determined?

    As part of your application review, we will determine the value of your home, which will be known as the Appraised Value. Based on factors related to your home and application, an adjustment will be applied and discounted from the Appraised Value to determine the Starting Point.

    When you are ready to repay Splitero, we will complete another evaluation of your home to determine the Ending Point.

    All evaluations of your home will be through a third-party provider such as a licensed appraiser or another valuation product.

    You may use the calculator below to estimate the repayment amount based on different scenarios.

  • What if I don’t agree with the appraised value?

    If you don’t agree with the Appraised Value, you may contact your designated Homeowner Advisor and they will advise you on the available options to have your home value reconsidered.

  • What are the fees associated with an investment from Splitero?

    Fees associated with a Splitero investment are charged upon closing and will be deducted from your investment proceeds. Please keep this in mind when determining the net amount of money you would like to receive from Splitero.

    Here is a breakdown of estimated costs:

    Service Estimated Cost
    Origination Fee 1.99-3.99% of the Gross Investment amount, or a minimum of $1,500
    Appraisal $200-700
    Payoff Demand Statement $30
    Title $200-900
    Escrow $250-550

    The above breakdown is the estimated costs charged by Splitero and/or its service providers. It is not an exclusive list of costs and does not include costs incurred from your current lender or by your state or county.

  • Can I buy back my equity?

    Yes, you may buy back your equity at any time during the 30-year term. Buybacks typically occur via either a refinance or a cash payoff.

  • Can I repay Splitero through the sale of my home?

    Yes, you can repay Splitero through the closing of your home. The sale must be an arm’s length transaction at fair market value.

  • Are there any prepayment penalties?

    You can repay Splitero at any time during the 30-year term. There is no prepayment penalty!

  • What is the maximum potential cost of a Splitero Investment?

    Every Splitero investment has a Safety Cap in place to protect homeowners from paying excessive costs in the event of rapid home price appreciation or quick repayments on their investments. Splitero caps your repayment at a maximum annual charge of 12.99% - 16.99%.

  • Do I need approval to complete renovations or repairs to my home?

    Your home stays your home! Splitero does not require permission to complete renovations or repairs; however, you must perform basic maintenance of the home.

  • Can I rent out my home after I receive the investment?

    Yes, you may rent out your home.

  • What happens if my home value depreciates?

    In the event your home value drops significantly, your repayment amount to Splitero may be less than your initial investment.

    You may use this calculator to play out different scenarios based on future home values.

  • Can I refinance my home in the future and maintain my agreement with Splitero?

    Splitero does not require payoff if you choose to refinance your home. However, some lenders may require repayment to Splitero in order to refinance your mortgage. Splitero may be willing to subordinate our lien position in certain circumstances (for example, a rate and term refinance with no cash out) provided you meet our eligibility requirements.

  • Are there any monthly payments with a Splitero investment?

    There are no monthly payments associated with the Splitero investment!

  • After I receive the proceeds from the investment, are there any limitations on what I can use the proceeds for?

    There are no restrictions. You may use the funds however you wish!

  • What percentage of the future home value will Splitero share?

    Prior to funding, Splitero and the homeowner will agree on a percentage of future appreciation above the Starting Point that will be shared.

  • What is the Safety Cap?

    Every Splitero investment has a Safety Cap in place to protect homeowners from paying excessive costs in the event of rapid home price appreciation or quick repayments on their investments.

  • Who owns the home after I receive my Splitero investment?

    You do! Your home remains your home. We will record the Splitero Option Purchase Agreement via a Deed of Trust. You maintain all rights and responsibilities to your home.

  • Who is responsible for payment of property taxes, insurance, HOA dues/fees, and property maintenance costs?

    Homeowners remain responsible for payment of property taxes, insurance, HOA dues/fees, and property maintenance costs.

  • Are there any income or employment requirements?

    No! Because a Splitero investment has no monthly payments we have no income or employment requirements. We will not ask for any documentation about employment or income.

  • How would a Splitero investment affect my heirs?

    All Splitero agreements are secured to the property and, until the homeowner repurchases the equity or the Option Purchase Agreement is otherwise terminated, the terms will remain in place for future heirs.

  • How is Splitero different from a reverse mortgage?

    Most importantly, a Splitero Home Equity investment is not a loan. In addition, Splitero’s Home Equity Investment features no age requirements, no monthly interest charges, and can be junior to your 1st position mortgage.

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