CLEVELAND, Feb. 8, 2022 /PRNewswire/ — Imagine being able to stay in your home into retirement without the responsibility of home maintenance, property taxes or even paying your mortgage. That’s what Truehold, a new company, is offering Cleveland-area residents.
A new survey shows that 92 percent of older adults want to remain in their homes for the long term — 50 percent said the pandemic made these sentiments stronger. Yet many people have difficulty managing home upkeep as they age. Many struggle to cover their rising medical expenses, especially on a fixed income. Truehold was created to address these problems by unlocking the financial resources that empower seniors to age in place.
Truehold’s sale-leaseback program uniquely enables homeowners to sell their home at its full value and receive their home equity in debt-free cash. Residents then rent their home for as long as they’d like, with Truehold covering maintenance, property tax and home insurance. This model provides individuals the opportunity to continue to enjoy all the things they love about their home and community without these traditional hassles of homeownership.
"We started Truehold after watching loved ones face difficult decisions about where to live and how to afford care. Some moved to assisted living, only to suffer health declines due to the jarring change," said Brian Hardecker, founder and CEO of Truehold. "Others stayed in their homes but encountered surprise hardships that made it challenging for them to truly enjoy their retirement. There needed to be a better option for those who want to stay in their home—so we created one."
While sale-leasebacks are relatively new to residential real estate, large companies looking to improve liquidity and reduce debt have used them for years with their commercial real estate. Sale-leasebacks can have many benefits for individuals, including freedom from the burdens of home upkeep, protection from housing market declines and unlocking wealth—to pay off debts, diversify into income-generating assets, cover new health expenses, or just make the most of their retirement.
Truehold is passionate about bringing an honest, human and helpful approach to an antiquated, sometimes predatory industry. And Hardecker says the team is excited about being in Cleveland.
"Clevelanders have such pride in their city and such deep roots in their communities. We want to honor that by helping them stay in their homes for as long as they want," he states.
"We’re committed to responsibly serving seniors and always putting their interests first. We try to only suggest solutions that help improve their wellbeing—whether that be with us or someone else," Hardecker said.
Truehold, a real estate and home services company is providing a new choice for older adults who desire to maintain their independence as they age. A well-capitalized American company, Truehold has brought together industry-leading experts to empower people to live longer at home with their innovative aging-in-place option. Learn more at truehold.com.