EasyKnock, the pioneering home equity solutions platform, has announced a significant partnership with FinLocker, offering its financial fitness services to EasyKnock customers at no additional cost. This collaboration, revealed on June 11, 2024, marks another step in EasyKnock’s commitment to supporting its customers’ diverse financial goals.
Empowering Homeowners with Financial Tools
EasyKnock, known for its customer-centric approach, provides homeowners with a unique opportunity to convert their home equity into cash while remaining in their homes as renters. This innovative solution also allows customers to retain the option of repurchasing their homes or directing a second sale for additional cash in the future.
With the integration of FinLocker’s services, EasyKnock is expanding its support for customers’ financial aspirations. FinLocker, a leading financial readiness app, focuses on helping consumers achieve and maintain homeownership goals.
Comprehensive Financial Fitness Suite
Through the FinLocker app, EasyKnock customers now have access to a personalized suite of tools designed to enhance their financial well-being:
- Personalized budgeting through existing banking accounts
- Financial goal-setting with clear roadmaps for achievement
- Credit tracking
- Guidance for overcoming financial challenges and achieving mortgage readiness
- Insights into the home purchasing process
The app also provides push notifications to keep users informed about credit score changes, credit alerts, and property value updates. It celebrates users’ readiness streak achievements, which has resulted in an impressive over 50% return rate, increasing engagement with the app.
Supporting Diverse Financial Goals
Jarred Kessler, CEO and Co-Founder of EasyKnock, emphasized the importance of this partnership: “Our customers are not a monolith – they come to us with a wide range of financial goals. Our aim is, and has always been, to support them wherever they are on their journey; it is a true competitive advantage for us. As a powerful, data-driven tool for people looking to improve their financial resiliency, FinLocker is an ideal complement to the EasyKnock offering.”
Brian Vieaux, President and Chief Operating Officer of FinLocker, added, “This is an extremely challenging time for Americans who either own or want to own a home. Our comprehensive, intuitive platform is an answer to that challenge. EasyKnock goes above and beyond to support their customers, and it is immensely gratifying to provide a service that supports financial health.”
Building on Recent Successes
The FinLocker partnership follows closely on the heels of EasyKnock’s recently announced collaboration with Piñata, a popular reward and credit-building platform for renters. In its initial months, EasyKnock tenants using Piñata saw an average improvement of 57 points in their credit scores. This improvement is facilitated by EasyKnock’s automatic reporting of on-time rent payments to major credit bureaus, enabling customers to build credit with TransUnion, Equifax, and Experian.
Addressing the Trapped Equity Challenge
EasyKnock’s strategic partnerships and initiatives are part of its broader mission to address the issue of trapped home equity affecting millions of Americans. Recent findings by Duke professor Marvin Chang highlight the scale of this problem: “1 in 9 U.S. homeowners face barriers in accessing their own home equity…homes have become barriers instead of springboards to financial wellness.”
By offering innovative solutions and partnering with financial wellness platforms like FinLocker, EasyKnock is working to transform homes back into assets that can enhance financial well-being rather than hinder it.
About the Partners
EasyKnock, founded in 2016 and headquartered in New York City, has established itself as the first-to-market home equity solutions platform in the U.S. In 2023, the company announced the development of an extensive suite of products and services aimed at providing consumers with alternative ways to buy, sell, finance new homes, and utilize their equity. EasyKnock’s mission is to help U.S. homeowners unlock their financial freedom through non-loan programs.
FinLocker, the developer of the leading financial readiness app, focuses on attaining and sustaining homeownership. The platform offers a comprehensive suite of tools and resources, including financial account management, budgeting, credit score monitoring, mortgage education, real estate search, and guidance to achieve mortgage readiness. By providing consumers with actionable insights and personalized recommendations, FinLocker aims to help individuals navigate the complexities of the home buying process and achieve their financial goals.
A Step Towards Financial Empowerment
The partnership between EasyKnock and FinLocker represents a significant step towards empowering homeowners and aspiring homeowners with the tools they need to navigate their financial journeys. By combining EasyKnock’s innovative home equity solutions with FinLocker’s comprehensive financial fitness services, this collaboration addresses the multifaceted challenges faced by many Americans in today’s complex housing market.
As the partnership unfolds, it has the potential to reshape how individuals approach homeownership and financial wellness. By providing accessible, user-friendly tools and personalized guidance, EasyKnock and FinLocker are working to demystify the financial aspects of homeownership and empower users to take control of their financial futures.
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