New Firm Unveils Alternatives to Mortgages

Anthony Hsieh, an entrepreneur and veteran of the financial services industry, has announced the formation of Grander Financial, Irvine, Calif., which he says is the first full-service consumer finance company to offer a variety of alternatives to mortgages. Grander's flagship product, My Equity Freedom, allows homeowners to receive cash based on the equity they have built without making monthly payments. The company said the product enables Grander to "share in the appreciation (or depreciation) of the home" while providing cash to the homeowner. "We have created a new financial model for homeowners, eliminating the costly need of a traditional mortgage," Mr. Hsieh said. ".... The option of maximizing one's equity with a cash advance without having to incur mounting interest or monthly payments is truly revolutionary to the housing and lending market."