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.
From their job or the same place they get money to pay a traditional mortgage?
Let’s say the borrowed amount is $250,000, so you owe $500,000. That’s a 1,400 monthly payment. So 7 people get paid each month, or 84 a year. By the end of the period you have paid out all 2,500 lenders.
(I am using $100 and $200 repayment and $250k to make the math easier and more round. Oddly it is close to current interest rates)