If you’ve ever looked for a great company to work for, then you may have checked to make sure the benefits of employment included a 401(k) investment plan. These retirement investments are excellent benefits and provide many employees peace of mind as they work toward their retirement years, but those benefits are not realized until the employee actually retires.
However, a new benefit is being rolled out that may be a great option for many employers to offer to their employees. This time, it is evident how much benefit the employee is getting when he or she buys a home: HomeFundMe, the only Fannie Mae and Freddie Mac-approved down payment crowdfunding platform. It sounds a lot like GoFundMe, a similar crowdsourcing, fundraising platform, but instead of asking friends and strangers, the contributors are lenders and employers.
Created by CMG Financial, a privately-held mortgage banking firm, HomeFundMe “allows employers to add HomeFundMe to their benefit packages, with the option to elect to match donations in any amount. Employers simply have to share the customized crowdfunding platform with employees and HomeFundMe will provide all the materials necessary to communicate the benefit,” said HomeFundMe.
If any lenders contribute under certain circumstances, employers and employees are required to use CMG Financial as a lender. In some cases, the lender can contribute $2 for every $1 crowdfunded.
“More than ever, employers are looking for ways to retain and attract the best and brightest talent and millennials are looking for the lifestyle perks that will help them achieve their goals. The Affinity Portal helps to bridge that gap by giving employers the ability to give their employees the benefits that matter most to them,” Chris George, president of CMG Financial, said.
Will HomeFundMe be as popular as the 401(k)? See more details about HomeFundMe as they originally appeared on Housing Wire.
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