A home equity investment (HEI), also called a home equity contract or shared-equity agreement, can reduce what you receive when you sell and can make refinancing harder. The provider usually records a lien on the home, and a sale commonly triggers a lump-sum settlement based on the agreement’s formula—not simply repayment of the cash you received. If you want to keep the home, you generally need to repay the settlement in full, often using assets or qualifying for enough new financing. The signed contract and written payoff figures control the exact amount and lien-release process.
The Consumer Financial Protection Bureau (CFPB) describes HEI contracts as complex and says providers use non-standardized disclosures. Its January 15, 2025 market overview is a useful guide to the issues, but it does not establish one payoff formula or refinance procedure for every agreement. Your contract, the provider’s current written settlement calculation, and the prospective lender’s requirements matter more than a general description of HEIs.
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What happens to an HEI when you sell your home?
A sale commonly triggers repayment under an HEI. The agreement may also require payment by its end date, which the CFPB says is often 10 to 30 years. The settlement is generally a lump sum, and it may be substantially different from the amount the provider advanced. The contract determines how the home’s value and the provider’s share are translated into the amount due.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteFor a sale, think of the settlement as one of several obligations deducted from the transaction proceeds—not as a fixed mortgage balance. In the CFPB’s illustrative example, the provider’s share is calculated from the total sale price, while the homeowner pays the selling costs. Your own agreement may use a different formula or define valuation differently.
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Map the sale proceeds before you list
Ask the provider for a written estimate for the sale date you are considering, then build a proceeds estimate using all major obligations:
- Expected sale price, with any uncertainty about the final price made explicit.
- Payoff amount for the primary mortgage and any other secured debts.
- HEI settlement calculated under your contract.
- Selling costs, which the CFPB’s example places on the homeowner.
Do not treat the provider’s estimate as a fixed quote unless the provider confirms in writing that it is binding for the relevant transaction and date. The contract may use final sale price, permit a value dispute in some circumstances, or call for another valuation method. A different sale price or payoff date can change the amount available to you.
Why the settlement may exceed the cash you received
An HEI payoff is not a conventional amortizing mortgage balance that falls according to a standard payment schedule. The CFPB says provider formulas generally consider the upfront amount, initial and final home values, and a multiplier. Some agreements also include a settlement cap or use a discounted starting value. Under many contract structures, the CFPB describes early settlement amounts as growing at an equivalent annual rate of 19.5% to 22%; this is not a universal interest rate written into every agreement.
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To illustrate how much the result can differ by formula and home-value scenario, the CFPB cited one provider’s online calculator for a $50,000 upfront payment. It estimated a payoff after three years of $68,045 if the home depreciated by an average 1% per year, and $71,538 if the home appreciated by any amount. These are outputs from one provider’s calculator, not a market-wide quote, forecast, or promise about your contract. The CFPB cautions that company methodologies differ.
How an HEI can affect refinancing
The provider secures its interest with a lien on the property. That lien can complicate a refinance of the first mortgage or a new borrowing request because the lender and HEI provider must address the provider’s interest in the home. The CFPB reports that consumers have described difficulty refinancing first-lien mortgages when an HEI existed. That evidence does not mean every refinance is prohibited or impossible; whether one can proceed depends on the agreement and the parties’ requirements.
A refinance may be a way to raise money to settle the HEI while keeping the home, but approval is not guaranteed. If the provider requires full repayment before releasing its lien, the new loan must be large enough to cover the HEI settlement and any other amounts included in the financing, and the lender must approve the transaction. The CFPB report does not establish a universal lien-release or subordination procedure. Do not assume that the provider will leave its lien in place, subordinate it to the new mortgage, or accept a partial payment.
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Before applying for a refinance
- Read the HEI agreement. Find the provisions on refinancing, additional secured debt, early settlement, valuation, and lien release. Note any notice requirements or deadlines specified in your contract.
- Request a written settlement calculation. Ask the provider for the amount due on the expected closing date, how it was calculated, what assumptions it uses for home value, and how long the figure remains valid. Request the calculation method or supporting valuation information if the agreement provides for it.
- Ask the prospective lender how it will handle the lien. Explain that an HEI provider has recorded a lien. Ask whether the lender requires full payoff, a release, subordination, or another documented arrangement, and what it needs from the provider to approve and close the refinance.
- Compare the funds available with the total required. Check whether the refinance can cover the HEI settlement and other transaction costs while meeting the lender’s conditions. If not, identify whether you have assets or another acceptable funding source; do not rely on an assumed partial settlement.
- Get both sides’ requirements in writing before committing. Confirm the provider’s payoff and release steps and the lender’s conditions and timing. If either party’s requirements are unclear or inconsistent, resolve that before setting a closing date.
Even if the refinance lender is willing to proceed, the HEI agreement may impose its own conditions. Conversely, a provider’s willingness to discuss a settlement does not mean a lender will approve the new loan. Treat this as a transaction that needs coordinated written answers from both parties, not as an automatic mortgage payoff.
What determines the HEI payoff?
The contract’s formula and valuation rules determine the settlement. The CFPB notes that the final value may be the sale price, though providers may dispute it in some circumstances. If the home is not sold, a third party—such as an appraiser hired by the provider—may determine its value. Some providers credit homeowners for improvements that add value; others do not. Those differences can materially affect a payoff calculation, so a verbal summary or a generic percentage is not enough to predict your result.
When reviewing an agreement or requesting a payoff, check these terms together:
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- Formula and provider share: how the initial advance, starting and ending values, and any multiplier determine the amount due.
- Valuation: how starting value was set; how final value is chosen; whether a sale price is used; and how appraisal, provider-selected valuation, or disputes are handled.
- Caps and discounts: whether a settlement cap applies, how it is calculated, and whether the formula uses a discounted starting value.
- Home improvements: which improvements, if any, are credited and what records or proof are required under the agreement.
- Payment timing: which events trigger settlement, whether early full repayment is allowed, whether partial payments are barred, and when the agreement ends.
- Lien procedures: what the contract says must happen to the lien after a sale, refinance, full payoff, or contract end date.
- Property obligations: required maintenance standards, taxes, hazard insurance, occupancy conditions, and treatment of other secured debts.
Keep documents that may be relevant to the contract’s rules, including the signed agreement, valuation materials, improvement records, and provider correspondence. Whether a particular document changes the amount due depends on the agreement; keeping it does not guarantee a credit or a different valuation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who remains responsible for the home while the HEI is outstanding?
The HEI does not remove the homeowner’s ongoing property obligations. The CFPB says homeowners remain responsible for maintenance, property taxes, hazard insurance, other secured debts, and selling costs. Some agreements may increase the settlement amount if the property does not meet specified standards. Check the actual maintenance and property-condition provisions rather than assuming that a provider’s investment means it will pay for upkeep or share those bills.
These obligations matter to a future sale or refinance because they can affect the home’s condition, the transaction’s costs, or whether the agreement’s requirements have been met. If you are planning a major repair, sale, or new loan, read the relevant contract terms and ask the provider how the proposed action affects valuation and settlement before relying on an estimate.
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What the CFPB’s market figures do—and do not—show
The CFPB’s January 2025 report provides context for why HEI terms deserve close review. Its reviewed securitizations showed that 89% to 95% of HEI customers also had first-lien mortgages. The Bureau also reported that the four largest companies securitized about $1.1 billion backed by about 11,000 contracts in the first 10 months of 2024. These are dated figures about the reviewed market, not current market totals or a forecast of what will happen to an individual homeowner.
The CFPB put those figures alongside 1.2 million HELOCs originated in the four quarters ending 2024 Q2. That comparison is market context, not evidence that HEIs and HELOCs work alike: an HEI’s settlement is governed by its contract and may be tied to home value rather than a conventional amortizing loan balance. The Bureau’s 2025 report identified four providers as the largest in its 2024 overview; that snapshot should not be read as a current ranking or endorsement.
A practical decision check before selling or refinancing
Use a transaction-specific check rather than relying on the amount of cash you originally received or a broad description of HEIs. The key question is not only “Can I sell or refinance?” but “What will be required to settle the contract and clear or otherwise address the lien at this closing?”
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minute- Get the provider’s written payoff figure for the likely transaction and date; confirm the valuation assumptions and expiration date.
- For a sale, estimate what remains after the mortgage, HEI settlement, other secured debts, and selling costs.
- For a refinance, get the lender’s written requirements for the HEI lien and confirm whether the available financing can satisfy them.
- Check whether a contract end date or maintenance, tax, insurance, occupancy, or additional-debt condition affects the proposed transaction.
- Resolve discrepancies between the provider’s settlement calculation and your understanding of the contract before signing a sale or refinance commitment.
The CFPB’s report is a market overview, not a universal payoff instruction or jurisdiction-specific legal opinion. If the agreement’s valuation, lien, or settlement terms are unclear, use the signed contract and obtain transaction-specific written answers from the provider and lender. A general calculator or informal estimate cannot substitute for those documents.
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