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.

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[–] 5 points 6 months ago (3 children)

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.

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  • [–] [S] 1 point 6 months ago* (1 child)

    Interesting! Did everyone have their mortgage paid off or do lenders accept that kind of insurance? Who manages the funds?

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  • [–] 3 points 6 months ago

    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.

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