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Nada Reviews

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Nada Mortgages Review

Nada stands out as a disruptive force in the “wealthtech” space by effectively dismantling the barriers between homeownership and liquid wealth. By offering a dual-sided ecosystem—giving homeowners a debt-free way to access cash and giving retail investors a low-cost entry point into high-growth markets—the brand successfully modernizes one of the world’s oldest asset classes.

While real estate fintech can often feel impersonal or overly complex, Nada differentiates itself through a commitment to transparency, regulatory compliance, and high-touch customer support. For those looking to move away from traditional debt cycles or seeking to diversify their portfolio beyond the stock market, Nada provides a secure, innovative, and user-centric path toward financial flexibility.

Nada Mortgages Highlight

500

Min Credit Score

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

123

NMLS

Home Equity

$20K-$500K

Mortgage Amount
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Nada Mortgages Terms & Requirements

While Nada is primarily known for its Homeshare (Equity Agreement), it also functions as a licensed mortgage entity that offers traditional mortgage services, often at a discount for their equity customers.

Below are the terms and requirements for mortgage-based loans (HELOCs or Refinancing) through Nada’s ecosystem.

1. Core Mortgage Requirements

To qualify for a traditional debt-based product (like a refinance or HELOC) via Nada’s mortgage services, you must meet standard lending criteria, which are more stringent than their equity products:

Minimum Credit Score: Typically 620 for conventional loans and 580 for FHA-backed options.

Debt-to-Income (DTI): Generally must be 43% or lower, though some FHA products allow up to 50%.

Income Verification: Unlike their equity agreement (which may not require a minimum income), a mortgage requires two years of steady employment and tax returns.

Loan-to-Value (LTV): Most traditional mortgage products through Nada will limit your total debt to 80% of the home’s value.

2. Mortgage Loan Terms

Nada’s mortgage arm facilitates standard industry terms:

Fixed-Rate Terms: 15-year and 30-year options are the standard.

Refinance Options: They offer “Rate and Term” refinances (to lower your monthly payment) or “Cash-Out” refinances (to replace your current mortgage with a larger one and take the difference in cash).

HELOC Terms: Typically a 10-year draw period followed by a 20-year repayment period.

3. The “Nada Advantage” for Mortgage Borrowers

Because Nada is a “Wealthtech” company, they integrate their mortgage services with their equity products:

Discounted Services: If you already have a Nada Homeshare, they offer discounted origination fees and realtor services if you choose to refinance through them to “buy out” your equity agreement.

Rate Monitoring: Nada monitors market rates for their users and will proactively notify you when a refinance becomes mathematically beneficial to help you settle your equity share.

How to Apply

Applying for Nada’s services—whether you are a homeowner looking for cash or an investor looking for real estate exposure—is handled through a streamlined digital process.

1. For Homeowners (Homeshare/HEA)

The application is designed to be low-impact, meaning it won’t hurt your credit score to see what you qualify for.

Step 1: Get an Estimate: Visit Nada.co and click “Get Your Cash Estimate.” You’ll enter your address, estimated home value, and current mortgage balance.

Step 2: Prequalification: You will fill out a short form (about 60 seconds). Nada performs a soft credit pull, which does not affect your credit score, to check your eligibility.

Step 3: Consultation: If you prequalify, you’ll book a call with a Nada equity specialist to discuss terms, the “equity multiple,” and how the 10-year agreement works.

Step 4: Appraisal & Underwriting: Nada will order a third-party valuation (often an automated valuation or a quick site inspection) and verify your documents (ID, mortgage statement, and home insurance).

Step 5: Funding: Once signed, funds are typically wired to your account in as little as 1–2 weeks, minus closing fees.

2. For Investors (Cityfunds)

If you want to invest in real estate portfolios for as little as $250:

Download the App: Search for “Cityfunds by Nada” on the Apple App Store or Google Play Store, or sign up via their website.

Create an Account: You’ll need to provide your basic info, SSN (for tax reporting), and link a bank account.

Choose Your City: Select which “Cityfund” you want to invest in (e.g., Austin, Dallas, Miami, Tampa).

Invest: You can make a one-time investment or set up recurring deposits. Because these are SEC-qualified, you do not need to be an “accredited investor” to participate.

Qualification Requirements

To qualify for Nada’s services, the requirements depend on whether you are looking to unlock cash from your home (Homeshare) or invest in real estate (Cityfunds).

1. Homeowner Qualifications (Homeshare)

Because Nada’s Homeshare is an investment agreement and not a loan, the requirements are more flexible than a traditional mortgage. They prioritize the property’s value over your personal debt-to-income ratio.

  • Credit Score: Minimum 500 FICO. (Traditional mortgages usually require 620+).
  • Home Equity: You must have at least 25% equity (Maximum 75% Loan-to-Value).
  • Property Value: The home must be worth at least $175,000.
  • Property Type: Single-family homes, townhomes, site condos, and 2–4 unit multi-family properties. (Mobile or manufactured homes typically do not qualify).
  • Usage: The home must be your primary residence or a long-term rental (no fix-and-flips).
  • Income/Employment: While there is no strict “minimum income” dollar amount, you must provide proof of employment or a steady source of funds.
  • History: No recent mortgage delinquencies (typically within the last 24 months) or active bankruptcies/foreclosures.

2. Investor Qualifications (Cityfunds)

Nada has democratized real estate investing, meaning you do not need to be a millionaire to participate.

  • Accreditation: Not required. Their Cityfunds are SEC-qualified (Regulation A+), allowing “retail” (everyday) investors to participate.
  • Minimum Investment: As low as $250.
  • Residency: Generally available to all U.S. residents (though specific state blue-sky laws may apply).
  • Documentation: You will need a valid Social Security Number (SSN) for tax purposes and a linked U.S. bank account.

Required Information

When applying for a mortgage-style product through Nada (like a traditional refinance) or their signature Homeshare (Equity Agreement), you will need to provide specific documentation to verify your identity, property status, and financial health.

Because Nada is a “wealthtech” company, the process is primarily digital and requires fewer documents than a traditional big-bank mortgage.

1. Personal Identification

  • Government-Issued ID: A clear photo of your driver’s license, passport, or permanent resident card.

  • Social Security Number: Used for a “soft credit pull” (which does not impact your credit score) to verify your financial history.

2. Property Documentation

  • Recent Mortgage Statement: This must show your current principal balance, monthly payment, and account standing.

  • Homeowners Insurance Declaration Page: Proof that the property is insured, including the coverage amounts and policy period.

  • Property Tax Statement: To verify that taxes are current and to confirm the legal owner of the property.

  • HOA Statement (if applicable): If your home is in a managed community, you may need to show that your dues are up to date.

3. Financial & Income Verification

  • Proof of Employment: While Nada has no “minimum income” requirement for Homeshares, they do require evidence that you are currently employed or have a steady source of funds (e.g., pay stubs or a recent W-2).

  • Bank Statements: Typically the last two months of statements for your primary checking account to verify liquidity and cash flow.

  • Trust Documents: If your home is held in a trust, you will need to provide the trust agreement and any related amendments.

4. Disclosure of Debts

  • Additional Liens: Documentation for any second mortgages, existing HELOCs, or solar panel leans currently attached to the property.

  • Bankruptcy/Foreclosure History: If applicable, you may need to provide discharge papers if a bankruptcy occurred within the last 10 years.

Application Steps & Time Frames

  1. Digital Form: You provide your address and basic info for an instant estimate.

  2. Soft Credit Check: You authorize Nada to view your credit report (no score hit).

  3. Document Upload: You securely upload the items listed above via their portal or mobile app.

  4. Third-Party Valuation: Nada orders an appraisal or automated valuation (AVM) to confirm the home’s current market value.

State Availability

Available - Arizona, Arkansas, California, Colorado, Florida, Georgia, Kansas, Louisiana, Minnesota, Oklahoma, Oregon, Pennsylvania, Washington

Not Available - Alabama, Alaska, Connecticut, Delaware, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, Wyoming

elinorr
Written by Elinor Rozenvasser

Elinor Rozenvasser is a content writer and editor with a knack for finance. She holds a Bachelor's in Communications and Business from Reichman University, and has been swimming alongside finance specialists for over a decade. She's not your typical financial writer, though. She's more likely to use witty puns and sarcasm than jargon and technical terms. But don't let that fool you. She's still a whiz when it comes to explaining complex financial concepts in a way that anyone can understand. If there's any writer who can make finance fun and engaging, Elinor is your girl. She's sure to leave you laughing (and learning) long after you've finished reading her work.

Customer Support

Nada places a strong emphasis on “customer obsession,” focusing on high-touch support to guide users through the complexities of real estate investing and home equity. Their support model is designed to be accessible and transparent, moving away from automated hurdles toward direct human interaction.

Support Channels

Email Support: The primary point of contact is hello@nada.co. For specific investment inquiries regarding Cityfunds, users can also reach out to investing@nada.co.

Direct Appointments: In a move rare for many fintechs, Nada allows users to book one-on-one appointments with representatives directly through their website to discuss their specific financial situations.

Phone Support: While they prioritize digital and scheduled communication, they maintain a contact line which can be found on the website.

Operating Hours & Location

The support team is based at their headquarters in Dallas, Texas, and operates during standard business hours:

Monday – Friday: 10:00 AM – 6:00 PM (CST)

Reputation and Feedback

Nada holds high ratings on platforms like Trustpilot (often 4.5+ stars), with customers frequently highlighting the staff’s patience and clarity. Reviews often mention specific team members by name, praising their ability to explain the nuances of Home Equity Agreements (HEAs) without the high-pressure sales tactics common in traditional mortgage lending.

Privacy & Security

To ensure the security of its users’ financial data and personal information, Nada employs industry-standard safeguards and adheres to strict regulatory frameworks. Below is an overview of the brand’s approach to privacy and security.

Data Protection & Encryption

Nada utilizes bank-level security measures to protect sensitive information. This includes the use of SSL (Secure Socket Layer) encryption for all data transmitted between the user’s device and Nada’s servers, ensuring that personal details, social security numbers, and financial data remain confidential and inaccessible to unauthorized parties. The platform also follows a policy of not storing sensitive payment details (like full credit card numbers) on its own servers after transactions are completed, reducing the risk of data exposure.

Regulatory Oversight & Legitimacy

Unlike many speculative fintech startups, Nada operates within a highly regulated environment:

  • SEC Compliance: Its “Cityfunds” are SEC-qualified (specifically under Regulation A+), meaning they are subject to federal reporting requirements and regular financial audits.
  • Bank Partnerships: For its debit card and banking features, Nada partners with established financial institutions and payment networks like Visa (through the Fintech Fast Track Program), which provides an additional layer of institutional security and fraud monitoring.
  • Asset Security: For homeowners, Nada’s “Homeshares” involve a lien-secured interest, a standard legal mechanism used in real estate to protect the rights of both the homeowner and the investor.

Privacy Practices

Nada’s privacy policy emphasizes transparency and user control. The brand explicitly states that it does not sell or trade personally identifiable information to outside parties for their own marketing purposes. While they use trusted third-party service providers to help run their ecosystem (such as for identity verification or payment processing), these partners are contractually obligated to maintain strict confidentiality. Users also have the ability to manage their data preferences and permissions directly through the Nada mobile app.

In Conclusion

Nada stands out as a disruptive force in the “wealthtech” space by effectively dismantling the barriers between homeownership and liquid wealth. By offering a dual-sided ecosystem—giving homeowners a debt-free way to access cash and giving retail investors a low-cost entry point into high-growth markets—the brand successfully modernizes one of the world’s oldest asset classes.

While real estate fintech can often feel impersonal or overly complex, Nada differentiates itself through a commitment to transparency, regulatory compliance, and high-touch customer support. For those looking to move away from traditional debt cycles or seeking to diversify their portfolio beyond the stock market, Nada provides a secure, innovative, and user-centric path toward financial flexibility.