My idea is some non profit gets setup to manage a system where someone announces their mortgage and then they can have friends, family and second and third degree friends and families finance your loan.
Let’s say someone buys a $250k house. Each person puts in $100 and then they get a receipt showing they are owed $200 against their 1/2500th share of the mortgage. Repayments are paid the $200 in return in a random time frame of between the first month to the last month 30 years later. Repayment is completely randomized, meaning you could get your money back really soon… Or a really long time from then.
There are a lot of other ways you could build on this idea.
Fascinating. Is there a term I can search to learn more?
Rotating Savings and Credit Association (ROSCA). It goes by many other local names across the world, but that’s the English wiki page title to get you going
Yes, the rosca Wikipedia page is describing the same system and currently including the Egyptian and Moroccan nes I famliar with. It is perhaps the system OP is looking for.