DEC 11, 2013 12:07pm ET

Bay Area RE Seller Markets Home Equity Investment Product

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Northern California real estate services firm Pacific Union and its Mortgage Services Professionals joint venture are offering consumers FirstREX, a home equity investment product designed to help borrowers overcome downpayment hurdles.

FirstREX allows borrowers to obtain partial funding for their downpayments while investors earn a share in the home’s gain or loss in equity over time, up to 30 years in the future.

Home equity investment/sharing products have had mixed success historically but FirstREX appears to be making some inroads in the Pacific Northwest, where it is based and home prices/downpayment hurdles tend to be higher.

Luxury real estate brand Pacific Union operates in Contra Costa County, the East Bay, Marin County, Napa County, San Francisco, Silicon Valley, Sonoma County, and the Tahoe/Truckee area.

San Francisco-based FirstREX in September partnered with RPM Mortgage with the aim of offering the home equity investment/downpayment assistance product in conjunction with purchase loans in Oregon and Washington State.

FirstREX also previously agreed to partner with HomeStreet Bank, Seattle.

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