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Extending Your Contract: Options and Considerations
Extending Your Contract: Options and Considerations

Considering extending your Home Wealth Share agreement? Learn about your options and the factors to weigh before making a decision.

Updated over a week ago

Steadworth's Home Wealth Share Program offers flexibility for homeowners who have entered into one of the 5-year plans and who may want to extend their contract term beyond the initial agreement period. Extending your contract can be a beneficial option under certain circumstances, but it's important to understand the available options and carefully consider the implications before making a decision.

Conditions for Extending Your Contract

The option to extend your contract term is only available for plans with an initial 5-year term. If you are nearing the end of your 5-year contract and wish to remain in the program, you may be eligible to extend the term for an additional 5 years. There are no extensions available at the expiration of the ten-year term.

Adjustments to Wealth Share Percentages

Extending your contract term will involve a specific adjustment to the Wealth Share percentages. Steadworth's share of the future appreciation will increase by 5%, while your share will decrease by 5%.

Considerations for Extending Your Contract

Homeowners may decide that extending their Plan Agreement is the best option if they are not able to or determine that it is not beneficial to refinance their home and/or they don't want to sell their home at the end of the Plan Agreement term.

It's important to carefully review the terms of your Home Wealth Share Agreement and consult with Steadworth's team to understand the specific implications and adjustments associated with extending your contract term.

By weighing the considerations and potential benefits, you can make an informed decision that aligns with your long-term homeownership goals.

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