HomeShare Online

What’s HomeShare Online?

HomeShare Online, a rebranded and revamped version of a site called Silvernest, goals to assist seniors find compatible roommates to share expenses and/or chores.

How it really works

If you wish to rent out a room in your private home — or rent a room in another person’s — you may have two decisions here. You’ll be able to join for a free account, which has some usage limitations. Or you may pay a monthly fee to get free background checks, greater access to renters (or homeowners), in addition to some site-specific help, comparable to renter contracts.

We’ll explain more of the main points of the subscription plans under “commissions and charges” below.

Nonetheless, either way, HomeShare will ask you fill out an in depth profile that tells about your age, gender, sexual preferences, whether you smoke, have pets and the qualities you’re on the lookout for in a roommate. The location will then ask you to confirm your identity.

In the event you’re a home-owner, you’ll be asked to offer photos of the house and yourself. In the event you’re a renter, it’s best to ideally publish a private photo. Nonetheless, where an ID check is required photos should not.

HomeShare Online review:

The concept behind HomeShare Online, is a straightforward one. Older individuals who still own the house that they raised families in are prone to have extra space. Additionally they are sometimes house wealthy and money poor. In any case, your retirement income is prone to be lower than your working income. And, in case you’re maintaining the massive family home — possibly still paying on the mortgage — that may very well be an economic burden.

It might be great to share the home and expenses Golden Girls style. But how do you discover compatible roommates? That’s where this site is available in.

By asking quite a lot of questions on your roommate preferences, the location goals to offer each potential roommate a “ShareScore,” which indicates how well the roommate’s preferences align along with your own. This is just not a comprehensive, eHarmony-style match. The questions asked should not about what sorts of books you read and whether you’re religious or an exercise enthusiast.

HomeShare’s questions are more about whether you’re tidy and whether you expect the identical in a roommate. Do you smoke? Do you may have pets — and are you okay along with your roommate having pets? Should your roommate to be the identical gender as you? Do you may have age-preferences for roommates? Are you willing to offer a reduction on rent in exchange for the roommate doing chores? And are you willing to do chores, in exchange for discounted rent?

In other words, the location’s ShareScore is more about whether or not you’ll kill one another after per week in the identical home, not about whether you’re going to turn into besties.

Fees and commissions

You’ll be able to access most elements of this site totally free. This includes posting a profile (for each homeowners and renters) and communicating with as many owners and renters as you would like.

If homeowners go for a premium membership here, they’ll pay $24.95 a month. This subscription routinely renews.

Renters, who select a premium subscription pay $14.95 a month. This subscription also routinely renews.

Nonetheless, the essential advantage of a premium membership is that the $29.99 background check, that you may order as a home-owner or renter on the free plan, is included within the premium plan.

Homeowners also get access to a renter agreement that you may customize to your situation.

We don’t see how that’s enough to justify the subscription price, unless you subscribe for only a month for the free background check and (potentially) the rental agreement, after which cancel.

Notably, once we first reviewed Silvernest — HomeShare’s predecessor company, the premium membership offered considerably more advantages to homeowners, including rent collection and a few legal advice on coping with renters. As a former landlord, I believed the rent collection and legal advice elements made the paid plan well definitely worth the price.

Now that less is included, we don’t recommend the paid subscription.

Background checks

Notably, the background screening doesn’t include a credit check. Homeowners should get a credit check on their renters, too. (Here’s a great story that runs through the steps: How to run a credit check on a renter.)

One caution

Somewhere across the time the location was rebranded to HomeShare Online from Silvernest, the location also became owned by Finance of America Reverse. FAR is a reverse mortgage lender. (Reverse mortgages are an expensive product that allow seniors to take equity from their homes with the promise that it can be paid back once they die or move.)

HomeShare Online’s terms state that the corporate can share customer information with Finance of America Reverse. So, it’s unclear whether registering here as a home-owner leaves you open to sales pitches from FAR.

Recommendations:

We like this site for the free services, but now not recommend the paid plan.

The variety of rental options also seems far less robust than it did once we initially reviewed the location in 2021. It still could also be an honest place to search out a long-term renter. And, actually, it doesn’t hurt to examine here when you need to use the location totally free. You’ll be able to sign up with HomeShare Online here.

Nonetheless, in case you’re concerned with a more temporary arrangement — say a month or two — take a take a look at SabbaticalHomes, which makes a speciality of mid-term rentals to educators. One other good option, Furnished Finder, makes a speciality of finding one-to-three-month rentals for traveling nurses.

If you wish to just rent a room or two to short-term guests, our top advice is Airbnb.

What their customers say: (from the BBB)

I used Silvernest to search out my father a housemate when he could now not afford his rent, and it has allowed my dad to remain in his home and age in place. This service felt very secure and we appreciated the choice to ask for a background check on the housemate.

Landlord has Alzheimer’s dementia. Constant invasion of privacy. Snooping through my room, inspecting my trash that has body waste in it and demanding answers as to what’s in it. Filling washer with water and leaving it. Washing clothes every single day. Silvernest does nothing to guard the renters.

Updated 5/8/2024