Better Mortgage announced the launch of the Equity Unlocker program, a new financial product designed for those with vested equity in their employer, like many employees in the tech space. Amazon employees will be the first to have access to the Equity Unlocker, which allows them to finance their homes without selling their shares in their employer company. Better Equity Unlocker is available immediately in Florida, New York, and Washington state for current and former Amazon employees with vested equity in Amazon.
Better Mortgage created Equity Unlocker after noticing that many Amazon employees had already used their services before, having funded over $1B for their home financing needs. Equity compensation was a particular concern for these customers. A recent Schwab survey found that 43% of millennials have exercised or sold equity compensation, which makes up nearly one-third of employee net worth. With Better’s Equity Unlocker program, Amazon employees can buy a home by pledging, not selling, their equity in Amazon.
“At Better, our mission is to make homeownership cheaper, faster, and easier for all Americans,” said Better CEO & founder Vishal Garg. “The status quo is broken. The entire process around homeownership is opaque and stressful. For young professionals burdened with student debt and lack of savings, we know how hard it is to buy a home. This problem is exacerbated when many of the best and fastest-growing companies increasingly reward their employees with equity rather than cash. Even though equity is an asset, it is considered ineligible by most banks and financial institutions when calculating the necessary down payment on a home. Today, we are very excited to announce that we have created Equity Unlocker to help Amazon employees unlock their equity, their homes, and their futures.”