REX(TM) Agreement is a safe, debt-free alternative for homeowners hurt by
frozen HELOCs as lenders are increasingly skittish
SAN FRANCISCO, Aug. 18 /PRNewswire/ -- For many homeowners, the bad
news hit their mailboxes over the past few weeks. For others, the bad news
is still to come. Big, well-known financial institutions including Bank of
America, Washington Mutual, Morgan Stanley and others have recently
blanketed customers with notices that their Home Equity Lines of Credit --
or HELOCs, have been frozen. Especially hard hit were homeowners in states
with higher market values, where home prices have since fallen the most.
REX & Co., a real estate investment company dedicated to creating safe
alternatives to debt financing, announced today a toll-free phone line to
help homeowners hurt by frozen HELOCs arrange alternate ways to access
their home equity with the REX Agreement. Homeowners with HELOCs --
especially those homeowners already impacted by frozen HELOCs -- are
instructed to call 866-722-3910.
The REX Agreement, available in 13 states nationwide, allows homeowners
to access their equity without ever incurring debt, interest or monthly
payments. With the REX Agreement, homeowners can convert a portion of their
home's value into cash now in exchange for granting REX & Co. a portion of
the future increase or decrease in the home's value when they sell or
decide to end the Agreement.
"Responsible homeowners have worked hard to build equity in their
homes. Through no fault of their own, an increasing number of homeowners
have suddenly discovered their HELOCs frozen and access to cash from their
home equity denied," said Tjarko Leifer, managing director at REX & Co.
"The REX Agreement is a debt-free alternative that can replace the frozen
HELOC and give homeowners a large, lump-sum cash advance to use anyway they
wish without having to pay interest or make monthly payments."
To qualify for a Rex Agreement, homeowners must reside in an
owner-occupied, single-family detached home and have a history of financial
responsibility, good credit, and at least 25 percent equity in their home.
There are no restrictions on how the money can be used and no age
restrictions to qualify.
"This isn't the last homeowners will hear about frozen HELOCs or
perhaps worse, as lenders continue to tighten guidelines and products
disappear in the aftermath of the worst meltdown in mortgage history,"
continued Mr. Leifer. "The good news is that homeowners don't have to go it
alone. At REX & Co., we're working hard to bring our fresh approach and
innovative debt-free alternative for HELOCs, home loans and reverse
mortgages to millions of responsible homeowners nationwide."
Homeowners interested in a REX Agreement can apply online at
http://www.RexAgreement.com, or by calling 866-722-3910.
About REX & Co.
Founded in 2004, REX & Co. is a real estate investment company that
makes equity investments in residential real estate. Using the REX
Agreement, REX & Co. allows homeowners to convert their home equity into
cash with no additional debt, no interest, and no monthly payments in
exchange for granting REX & Co. the right to receive a pre-designated
percentage of the future change in value of the home. The REX Agreement is
available in 13 states nationwide: California, Colorado, Connecticut,
Florida, Illinois, Massachusetts, Maryland, New Jersey, New York, Oregon,
Pennsylvania, Virginia and Washington. For additional information, please
call 866-722-3910 or refer to http://www.RexAgreement.com.
Contact:
Steven Frank
(916) 983-5529
steven.frank@rexandco.com
This release was issued through eReleases(TM). For more information,
visit http://www.ereleases.com.
[Via Real Estate California]
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