New Program Helps Americans Afford To Stay In Their Homes, Not Just Buy Them

THE MORTGAGE NOTE: American Pledge Foundation rolled out a new “housing sustainability solution” providing homeowners a wealth of resources to keep their homes, no matter what life throws at them.

AmPledge says it has a newly approved U.S. mortgage-related utility patent, one of just five granted in the last decade, which helps them expand access to housing and ensure long-term stability for homeowners.

“Affordable to buy does not mean sustainable to own,” said Rob Henger, AmPledge Co-Founder.

“Too many people deplete their savings just to close on a home. If life happens in those first few years, one setback can spiral into foreclosure. AmPledge changes that by helping them open the front door to homeownership, and keep their keys for good.”

The program establishes a safety-net fund equal to 5% of the home’s value for the first five years, according to a press release.

It also tracks hardship requests, available escrowed funds, and disbursements.

Homeowners who face financial problems like job loss, health issues, or divorce have their eligibility verified and are connected with local resources for support.

Users also have access to homeownership education to make sure they take advantage of every available resource, starting from pre-purchase.

AmPledge says this is the first time hardship assistance has been automated at scale.

As part of the program, companies can support their employees by co-sponsoring down payments and hardship assistance, offering housing assistance as an added perk.

“Just as 401(k)s redefined retirement, housing benefits will redefine retention,” said Robert Irick, AmPledge Co-Founder. “Employers who help their people achieve and sustain homeownership will see stronger loyalty, productivity, and stability in their workforce.”

Founded in the wake of the 2008 mortgage crisis, AmPledge is a financial tech nonprofit.

Contacts

Media Contact:
Crystal Woody
crystal.woody@ampledge.org