My idea is some non profit gets setup to manage a system where someone announces their mortgage and then they can have friends, family and second and third degree friends and families finance your loan.
Let’s say someone buys a $250k house. Each person puts in $100 and then they get a receipt showing they are owed $200 against their 1/2500th share of the mortgage. Repayments are paid the $200 in return in a random time frame of between the first month to the last month 30 years later. Repayment is completely randomized, meaning you could get your money back really soon… Or a really long time from then.
There are a lot of other ways you could build on this idea.
Not the same, but we had a crowd source house insurance setup. Basically, all the costs of the year were added up and then split between members. It was about half the cost of regular insurance.
Interesting! Did everyone have their mortgage paid off or do lenders accept that kind of insurance? Who manages the funds?
I don’t know the answer to the first question. It was a Mennonite thing. All members had to be Mennonite or in a Mennonite church (there are lots of non-Mennonites going to Mennonite churches), or connected to a Mennonite organization.That probably helped to keep costs down as we tend to be honest and experienced at community cooperation. I believe the management was hired by one of the Mennontie conferences.
This!