Splitero Review [Worth It For Homeowners?]

Share the wealth!

If you’re a homeowner, there’s a good chance you might’ve heard of Splitero. Today, we’ll be diving into what it is, how it works, and who it can benefit. Hopefully, by the end of this review, we’ll have helped you decide whether Splitero is something you should consider or not for your situation as a homeowner.

What is Splitero?

Splitero is a company that specializes in shared equity agreements. This allows homeowners to borrow money against the increased value of their homes. It can be a great option for those who want to take advantage of the current market conditions without taking out any additional loans.

What is a shared equity agreement?

A shared equity agreement is an arrangement in which two or more parties agree to share the ownership of an asset. In this case, it’s a piece of property. The parties involved in the agreement will each own a percentage of the asset and will share in the profits or losses associated with it. Splitero is a company that offers to be your partner in a shared equity agreement.

In return for allowing Splitero to own equity, homeowners can receive a lump sum of cash that they can use for anything they like (home improvements, debt consolidation, or other purposes). The amount of money that homeowners can receive depends on the value of their home and Splitero’s own assessment of the property.

For example, with a $500,000 home value, you can receive $65,000. If the price of your home appreciates over the term of the loan, Splitero builds more equity over time. On the other hand, if your home depreciates, Splitero will share in that loss with smaller equity in the property.

Reasons to go into a shared equity agreement

The first reason why a shared equity agreement might be right for you is if you’re looking for an alternative to a traditional mortgage loan. If you don’t have the credit score or income needed to qualify for another mortgage, a shared equity agreement can be a way to finance additional projects.

Another reason to consider a shared equity agreement is if you’re trying to avoid taking on more debt. If you’re already struggling with credit card debt or other loans, a shared equity agreement can provide you with the money you need without adding to your debt load.

One last reason to consider a shared equity agreement is if you care more about having cash liquidity to invest in assets other than the equity in your home. This is especially true if you’ve locked in previously great interest rates in the current rising interest rate environment. Perhaps you’re looking to buy into the stock market and don’t have cash to do so.

Splinter gives out access to cash with a low APR (for longer terms) and no monthly payments, so if the above sounds like your situation, Splitero could be a good option. By being able to unlock the value of your home’s future price potential, you can take advantage of other market opportunities that present themselves.

Does Splitero require a great credit score?

Absolutely not. Splitero can get you access to cash to use for any purpose without a credit check. They are not a bank, and any repayment is made via refinancing, home sale, or cash payoff. Splitero can help you as a partner in the equity of your home rather than a debt collector.

How is shared equity different than a HELOC?

A shared equity agreement differs from a home equity loan or HELOC in that you don’t make monthly payments, but rather pay Splitero back when you refinance, sell your house, or pay off the total amount borrowed.

For example, imagine that you have an emergency, and you need some quick cash. You don’t want to take out any more loans, and you’re confident that when you sell your house, you’ll be able to pay Splitero back. In that case, a shared equity agreement can make perfect sense.

Who qualifies for Splitero?

To be eligible for Splitero, homeowners must have equity in their homes and meet certain financial criteria. Splitero will also need to personally assess the property to make sure it meets its standards. The appraised value must be between $150,000 – $5,000,000. Here is a list of the property types accepted:

  • Single-family residence
  • Condominiums
  • Townhomes
  • Properties with 2-4 units
  • Owner-occupied and non-owner occupied
  • Held by individuals, in trusts (subject to approval), and by LLCs (subject to approval)
  • Mixed-usage if non-owner occupied

If you’re interested in finding out if you qualify, you can visit their website or give them a call.

Where is Splitero available?

Currently, Splitero is available in California and California only. It’s best to contact them as they are growing and may be available in other states soon.

Pros and cons of Splitero: The pros


  • No monthly payments
  • 30-year terms (can be lower but with higher APR)
  • Easy access to liquid cash

Pros and cons of Splitero: The cons


  • Loss of some equity in the property
  • High APR for shorter timeframes
  • Property type restrictions

What property restrictions does Splitero have?

Some property restrictions apply. The following types of properties are not eligible:

  • Properties with 5 or more units
  • Modular/Mobile
  • Manufactured/Prefabricated
  • Commercial/Agricultural use case properties
  • Log cabins
  • Houseboats
  • Homes with nontraditional design (e.g. geodesic, earth bermed, shipping containers, etc.)
  • Properties located on 5 or more acres
  • Vacant land
  • Timeshares, fractional or segmented ownership

These properties are not eligible per Splitero’s requirements. If you are unsure if your property is eligible, feel free to give them a call. Their support staff will be happy to help you out.

In conclusion

Splitero is a shared equity agreement that allows homeowners to borrow money against the increased value of their homes. There are some pros and cons, but overall, with such a long repayment schedule of 30 years and no monthly payments, it could be a good option for those who are looking for an alternative to traditional loans.

We recommend Splitero for specific use cases. If maintaining 100% equity in your home is important to you (passing the estate to your children or other reasons), Splitero simply isn’t the best choice. But, if you’d be able to use that cash productively and effectively, Splitero could be a game changer for your long-term wealth. It can also help prevent financial disasters that typically accompany the use of predatory loans should an emergency financial situation arise.

Share the wealth!