ML-Implode News - Startup plans to allow consumers to "purchase" homes without a mortgage

Fleq will launch next month in Pittsburgh, and instead of originating mortgages, its plan is to simply buy the home a purchaser wants and sell it back to them, bit by bit, in shares. The buyer can choose the length of time that they want to pay for the home.
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How does it actually work? Fleq charges rent to the homebuyers. The company says once the buyer has paid for 100% of the home, it will hand over the title -- cutting any mortgage down payment or interest rates out of the process. But if the buyer wants to move before paying for the home completely, they would simply split the profits with Fleq based on how much of the home hey have paid off.

This is actually a pretty clever idea. It allows for the best of renting AND building up equity/eventual ownership without taking on the risk of ending up underwater on a highly-leveraged person hedge fund...

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Startup plans to allow consumers to "purchase" homes without a mortgage