PORTLAND, Ore. (KOIN) – Homeowners across Oregon have a new tool to access their home equity.

Splitero, a financial technology company, is providing homeowners better options to access that money — giving homeowners a “lump sum of cash for share of their homes’ appreciation,” according to Splitero co-founder and CEO Michael Gifford.

Gifford notes that some financial institutions make it difficult to access equity, which can be used to offset cost-of-living increases, pay off debt or used it towards home repairs and renovations.

Gifford added “we’re able to give someone up to $500,000 or 30% of their home’s value for 30 years without monthly payments or new debt. So, it’s really a unique option where they can access equity in their home and not have more burdensome monthly payments.”