Hometap Obtains $100 million to help Alot more U.S. Residents Availableness their property Security Instead Taking on Financial obligation

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BOSTON, (Business NEWSWIRE) — Hometap, that gives a sensible, the fresh mortgage substitute for experiencing household equity in the place of trying out debt, now established this has shielded $100 billion in the the fresh new capital. The capital improve includes ICONIQ Capital, LLC plus Hometap’s current people Standard Catalyst, G20, Mainstay and you will American Family relations Possibilities, brand new campaign case from AmFam Insurance rates.

With this additional financing, Hometap plans to keep the across 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 Protects $100 billion to aid Much more U.S. Property owners Availability their residence Equity In the place of Using up Financial obligation

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 majority from property owners are presently effect household steeped and cash 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 Studies, 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. out of 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.

And providing residents unlock new security in their home to handle economic requires otherwise pursue upcoming solutions, Hometap is additionally helping to resolve a significant advantage allocation condition on You.S. Residents can now use the riches accumulated in their home to order other possessions to help you diversify their portfolio and you may correct dimensions their financial obligation. Likewise, the firm offers their people the means to access new U.S. domestic real estate market, a valuable asset classification which was in earlier times tough to availability.

We’re very happy to be purchasing that have Hometap. Which have an incredibly transparent, customer-basic method, they are delivering a very important substitute for the difficulties encountered of the of several home owners, said Nugi Jakobishvili, ICONIQ’s Chief Investment Manager. Due to the fact buyers, it’s uncommon to obtain opportunities to your mixture of a stylish advantage reputation, a gifted government party, additionally the potential to offer important economic advantages to houses across the nation. Hometap’s strong table of top quality, large ethics experts has established a superb platform that will help line up people and you will traders. They are very well-organized to guide the growth the audience is watching in the cash advance payday loan advance Washington industry.