Hometap Protects $100 billion to help Much more You.S. People Supply their property Equity As opposed to Taking up Debt

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BOSTON, (Industry NEWSWIRE) — Hometap, that offers an intelligent, new mortgage alternative for experiencing household guarantee in place of trying out debt, today launched so it provides protected $100 billion from inside the the new funding. The main city boost comes with ICONIQ Funding, LLC together with Hometap’s latest people General Stimulant, G20, Mainstay and you may American Nearest and dearest Opportunities, new campaign arm off AmFam Insurance coverage.

With this additional financing, Hometap plans to continue the all over the country extension, with the goal of bringing its total reach to approximately 75 percent of U.S. homeowners. The company will also be expanding its platform capabilities and significantly growing its cross-functional team to continue to deliver a best in class homeowner experience.

Hometap Secures $100 million to assist Much more U.S. Property owners Availableness their property Equity In the place of Trying out Loans

We’ve been working diligently towards our mission of making homeownership less stressful and more accessible for as many U.S. homeowners as possible, and we’ve had tremendous success thus far, said Jeffrey Glass, CEO of Hometap. But the fact remains that the most from property owners are presently effect household rich and money poor’, and there’s a lot more work to be done to make home equity investments an option that’s available to everyone. We’re thrilled to have the financial support of such a diverse group of asset-backed and venture investors who can further propel Hometap towards helping millions of Americans free up liquidity from their homes without taking on more debt.

According to Hometap’s 2019 Homeownership Research, despite having a need for capital, 73 percent of U.S. homeowners don’t want to take on more debt through traditional financing options such as home equity loans or HELOCS. Hometap provides a smart new alternative to these solutions, enabling homeowners to access a percentage of their home’s current value in exchange for an agreed upon percentage of the future value of their home. By taking an investment in their home, rather than incurring additional debt, homeowners are now able to tap into their home equity without the stress of monthly payments and interest. Hometap’s unique homeowner-first approach, coupled with its simple and transparent pricing model, has allowed the company to differentiate itself and achieve significant market share within the rapidly growing home equity investment category.

One homeowner who turned to Hometap while trying to find a way to fund home renovations and pay off credit card debt is Butch F. off Monroe, North carolina. My wife and I had to start putting home repairs, including a new roof and HVAC system, on our credit cards, said Butch. We knew we had to pay off the credit card debt and were worried that if we didn’t get another home loan, we might have to sell our house. That’s when we started searching for alternatives and found Hometap. Given our financial situation, it was a no brainer – the process was easy, we received our cash in a few weeks and were able to pay off our credit card debt, while having enough cash left over to fix our driveway and yard, which has already helped increase the value of our home.

Also permitting property owners unlock new equity inside their house to address monetary means otherwise realize upcoming opportunities, Hometap is also helping resolve a life threatening investment allowance situation from the You.S. Residents can make use of the wide range collected in their home to order most other property in order to diversify their profile and you may best proportions their financial obligation. At the same time, the firm is offering its people the means to access the fresh new You.S. home-based housing market, a valuable asset group that has been previously difficult to supply.

We’re happy to be using that have Hometap. Which have a very clear, customer-earliest method, they are delivering an important substitute for the difficulties faced because of the of numerous people, said Nugi Jakobishvili, ICONIQ’s Head Capital Officer. Just like the buyers, it’s rare to find ventures towards mix of an appealing $255 payday loans online same day Louisiane advantage profile, a gifted government class, in addition to potential to provide significant economic advantages to households across the nation. Hometap’s strong counter of top quality, high stability benefits has created an excellent platform that assists line up home owners and you can investors. He is incredibly really-arranged to lead the development the audience is seeing in the industry.