EasyKnock Alternatives

EasyKnock is a sale-leaseback company that buys homes and immediately rents them back to the sellers. It provides the seller with the full value of equity in their home, which can be beneficial if you have debt or expenses or want to sell the home before moving. 

One company stands out as an alternative to EasyKnock for its services—Truehold. Here’s what to know about each as you consider a sale-leaseback.

How does EasyKnock work?

So, how exactly does EasyKnock work? EasyKnock has two main options for homeowners who want to sell their home and rent it back. The main difference is the purpose. Sell and Stay is for homeowners who want to stay in the home. MoveAblilty is for homeowners who want to move away from the home.

Sell and Stay

This is the traditional sale-leaseback option. Homeowners sell their homes to EasyKnock, get the full value of their home equity, and rent the home back. 

One unique feature of EasyKnock’s Sell and Stay program is the buyout option. Homeowners can pay a yearly fee for a buyout option that allows the homeowner to buy the home back from the seller at a specified price. This fee ensures the homeowner can repurchase the home if they choose.

MoveAbility

With MoveAbility, homeowners sell the home to EasyKnock and keep the extra money from the sale as cash. The lease lasts 12 months while the homeowners search for a new home. 

By selling with EasyKnock, homeowners can make a more competitive offer on their next home because it’s not contingent on the homeowners selling their home before buying a new home.

Company like EasyKnock

There is a main company that offers offerings similar to EasyKnock: Truehold. It has a sale-leaseback program in which the homeowner can sell the home and then rent it back from the new owner. 

However, its operation differs from EasyKnock’s, and some nuances are important to understand before it. 

Here’s how it compares when stacked side by side.

Terms	EasyKnock	Truehold
Transaction fee	3.75% – 4.99%	5.5% – 6%
Rent cost	Market price	Market price
Lease term	12 months (can renew)	No limits
Closing time	4 to 6 weeks	30 days or less
Availability	Most U.S. states	Select cities

Truehold

View Rates

• Only available in certain locations
• Claims closing times are 30 days or less
• Must be an owner-occupied, single-family home

If you’re looking for a standout feature of Truehold to grab you, you won’t find it. Yet, you could say Truehold’s sale-leaseback program is a solid program with transparent pricing and terms. It doesn’t have the option to buy back your home like EasyKnock, but it doesn’t have the uncertainty created by selling to an independent investor. 

Fees are as high as if you would sell with a traditional real estate agent, which ranges from 5.5% to 6%. Truehold does say you can stay in the home long-term, but you’ll need to pay the market rate for rent. 

The only way to decide if a Truehold sale-leaseback works for you is to run numbers with a representative and compare it with other providers, such as EasyKnock. 

How to choose an EasyKnock alternative

Finding a good EasyKnock alternative has its challenges. Deciding to sell with a sale-leaseback company is a tough decision, but comparing companies with relatively new processes can make it feel like you’re walking through the mud. 

Some questions you can ask to help clarify the choice might be: 

• Do they service your area? If the EasyKnock alternative doesn’t work in your area, you’ll need to find another company that does. 
• Can you live without the Buyout Option? EasyKnock is the only company offering customers a yearly option where they pay a fee to buy back their home at a specified price. This also protects home appreciation for you, but the alternatives don’t offer this option.
• How easy are they to work with? 
• What are their rates? Compare rates if you’re concerned with how much you’ll be paying for the service. At the same time, be sure you’re comparing apples to apples, but the EasyKnock alternatives don’t offer the same services. 
• What services do they provide? If you’re looking for a company to be more involved in the process, you’ll probably like Truehold better. 
• Do you want to stay in the home or move? Knowing your plans can help you decide on an EasyKnock alternative with a program that will work for you. 

Other EasyKnock alternatives

As a homeowner, you might have several financing alternatives to consider alongside the home sale-leaseback. Each of these options comes with its unique benefits and limitations. Here’s how they differ from EasyKnock and its competitors.

Home equity loan or line of credit (HELOC)

A home equity loan or HELOC allows you to borrow against the equity in your residence. Unlike EasyKnock, which involves selling and leasing back your home, a home equity loan or HELOC lets you maintain ownership while having access to funds. 

It presents an opportunity to tap into your home’s equity without relocating. However, a critical drawback is that it requires good credit standing and the capacity to pay back; otherwise, you risk foreclosure.

Reverse mortgage option

Unlike the sale-leaseback model, a reverse mortgage allows homeowners ages 62 and up to access home equity while retaining ownership. And unlike other loan models, repayment for a reverse mortgage isn’t necessary until the homeowner moves out permanently, sells the home, or dies. 

However, an important disadvantage is that it usually implies high upfront costs and could affect your eligibility for government needs-based program benefits.

Downsize

If you opt to downsize, you could sell your current home and buy a smaller one, pocketing the difference. 

Compared to EasyKnock’s service of selling and leasing back, an important advantage is that you would still own a property and thus have something of value to leave to your heirs. However, the downside is it might involve moving to a less desirable location.

Refinance your home

Refinancing differs from EasyKnock’s proposal because it does not involve selling your property but renegotiating the terms of your current mortgage. A potential disadvantage is that it might involve additional closing costs and require good credit standing.

Read More

Best mortgage refinance companies

Rent out a portion of your home

Renting out a part of your home, unlike EasyKnock’s solution, allows you to maintain ownership and earn additional income. This choice is worth considering if you have spare rooms or a basement to turn into a profitable rental space. 

Remember that acting as a landlord might involve additional responsibilities and potential complications.

Sell and rent

This option is similar to EasyKnock’s service because it involves selling your home. But instead of a leaseback agreement with EasyKnock, you’d rent a different property. 

This option could be more flexible; it allows you to move to a different location without a long-term commitment. However, it could involve moving costs and disruptions. You would also no longer have any equity in a home and would be subject to annual rental increases.