At Noah, we’re obsessed with helping homeowners unlock the value in their homes in the quickest, simplest way possible. Over the past year, we’ve provided funds to hundreds of homeowners that allowed them to pay off debt, improve their home, and invest in their businesses – while avoiding millions of dollars in aggregate monthly payments. When talking many of you through the terms of our investment, we realized we could explain Noah’s innovative solution in a much simpler way – one that doesn’t require a calculator!
We’re excited to share that starting today, it’s easier than ever to understand Noah’s investment offering and how it can help you achieve your life goals. The benefits of ‘no interest, no monthly payments’ are not going away – we’re simply reframing how we talk about our partnership with you.
Noah invests in your home, and in exchange, we share in the future gains or losses of your home value. As a Noah customer, the two thing you’ll care about the most are:
- Noah Investment - the amount of home equity you access in one up-front payment
- Noah's Share - the percentage of your home value that Noah will share in
Given our partnership-based financing model, as the value of the home evolves, the Noah Share also evolves. Said simply, if the home drops in value then Noah will receive a smaller share of the proceeds. Conversely, if the home gains in value, the Noah Share will increase proportionally. To see a detailed example of how the Noah Share works, click here.
We believe that our new estimate, which outlines the Noah Investment and the Noah Share, will be hugely beneficial to our future customers as it will empower them to:
- Comprehend the cost of a Noah Investment relative to the value of their home
- Easily compute their future payoff to Noah with the help of our in-app tools
- Access their home equity on attractive terms without any interest or monthly payments
We recognize that you may have started an application with us prior to this change going into effect on August 18th, 2020. We’ve put together some quick answers to your expected questions below.
If I get a new Noah estimate today, what should I expect?
Our promise to you remains the same – unlock the value in your home and achieve your financial goals. To that end, we’ve updated our pre-qualification process to be even simpler. The estimate will tell you the “Current Noah Share,” which is the percentage of your home value that the Noah Investment represents. Over time, as the value of the home changes, the Noah Share changes to reflect the gains or loss of our Investment.
How does Noah's Share change over time?
The Noah Share changes proportionately based on the value of your home:
- If the home goes down in value, the Noah Share will reduce to account for the losses that we share alongside you
- If the home goes up in value, the Noah Share will increase to reflect our gains
The actual schedule of the changes in Noah Share will be available to you along with your estimate and before you sign the final investment agreement. It will also be available in the funding packet you’ll sign with a notary.
After you’ve been funded, you will be able to log back into your Noah account at any time and reference your investment details and estimate the Noah Share based on your home value at that time.
What if I already have an estimate from Noah?
Congrats on becoming prequalified! Your estimate terms will remain the same the next time you log in to your account; you’ll continue to see the Noah Equity Share percentage reflected in your application portal. Log back into your account here to view your estimate or get in touch with our home advisory team with any questions.
What if I’ve already been funded by Noah?
If you’re already a Noah Homeowner partner, our promise to you remains the same. The constant “Noah Equity Share” percentage that we presented to you in your term sheet and funding documents is locked in for the term of your funding agreement.
No matter where you’re at in the financing process, we’d love to hear your feedback about this change and answer any questions you might have. Reach out at firstname.lastname@example.org anytime, or if you’d like to talk through your new estimate with an expert, our Home Advisory team is always standing by to help. Give us a ring at 415.578.6515 or schedule a call here.