Dr. Bernice King and Ashley Bell to Launch Ready Life Homeownership Platform Excluding Credit Scores
It’s no secret that homeownership is a struggle for Black Americans, who are the only racial demographic to see homeownership rates decline between 2010 and 2020, according to the National. Association of Realtors (NAR).
Discrimination and racism in the banking industry make it difficult for black Americans to get a home loan, especially for those with credit problems.
Afrotech Reports Berenice Kingthe youngest child of Dr. Martin Luther King Jr.., and Ashley Bell are changing the mortgage industry with their fintech platform, Ready Life, which provides a pathway to home ownership that takes credit scores out of the eligibility criteria.
“It goes back to the National Black Bank Foundation and our work to support black-owned financial institutions. I think it’s just an ongoing conversation with Bernice and I about “How can we do more?” Bell told Afrotech. “And I think her legacy as an individual leader in our city and in our country and in the world, focusing on the least, the last and the left behind, has really empowered her to really step into that space. So, I was just lucky to have his leadership and his friendship.
Ready Life will use blockchain technology to support families looking to buy their first home, regardless of racial demographics. Additionally, the platform will educate its users on the homeownership process.
Home ownership is still the most tried and true way to build wealth in America. Buying a home provides stability for a family, builds equity and increases net worth. The COVID-19 pandemic has resulted in a housing boom as Americans have moved from urban to rural areas and vice versa. House prices have risen dramatically as a result.
Ready Life strives to place first-time home buyers into a home at a younger age. According to Self, the average age of a first-time buyer in the United States is 33. However, according to the NAR, the average age of a black first-time buyer is 48, and 51% of black buyers are buying a home for the first time. time. King told Afrotech that his parents bought their first home when his father was 36.
King and Bell believe Ready Life is a platform that can change home buying for black men and women, as well as other minorities, and put them on the path to buying a home. house at an earlier age and thus create wealth for young ages and ethnicities. .