A St. Louis-based real estate and home services startup focused on keeping seniors living in their homes longer is expanding to its first market beyond the region.
The startup, Truehold, says it is establishing operations in Kansas City. Truehold’s expanded footprint comes after it launched its business model in July 2021 in St. Louis.
“For many older adults, home is where their heart is, filled with happy memories. We’re committed to responsibly serving them,” founder and CEO Brian Hardecker said. “We’re excited to offer a long-term, trusted service that gives peace of mind for older Kansas Citians and their families.”
Through a sale-leaseback model, St. Louis-based Truehold purchases a senior’s home and then rents it back to them. The startup says it sells its homes after the tenants move out. In St. Louis, Truehold says its business model has so far been used to help more than 100 local seniors stay in their homes.
Truehold says its sale-leaseback approach gives seniors the opportunity to cash in on the equity of their home without having to relocate elsewhere or move into a senior living facility. By becoming owner of the home, Truehold also takes over maintenance of the property. The startup has positioned its sale-leaseback model as an alternative to a reverse mortgage, a financing option available to those 62 or older that allows homeowners to receive part of their home equity as cash.
The startup’s origins stem from Hardecker's experience of having to move his grandfather, a World War II veteran, out of his home and into a senior living facility.
“He was a German POW after being shot down on 9/11/1944,” Hardecker said. “At 90 he was forced to move from his family home because he needed his equity to cover medical costs.”
In Kansas City, Truehold said it has signed or is close to signing contracts with a handful of customers. As it launched operations in Kansas CIty, Truehold said it has started working with local partners and is in the process of hiring a management and customer support staff there.
