Hometap Obtains $100 mil to assist Even more You.S. People Supply their home Collateral In place of Taking on Obligations

Capital will electricity Boston-created business’s went on national expansion

BOSTON, (Community loans Candlewood Shores CT NEWSWIRE) — Hometap, that offers an intelligent, the newest mortgage alternative for making use of family security instead taking on debt, now revealed this possess secured $100 mil in the brand new resource. The main city improve comes with ICONIQ Capital, LLC plus Hometap’s most recent investors Standard Catalyst, G20, Pillar and you will Western Family unit members Options, the newest promotion sleeve out-of AmFam Insurance policies.

With this additional financing, Hometap plans to keep their all over the country expansion, 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 simply help Significantly more U.S. Residents Access their residence Collateral In the place of Taking up Obligations

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 vast majority out-of property owners are presently impact family steeped 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 Study, 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, Vermont. 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.

Including permitting property owners unlock this new guarantee inside their land to address monetary need or pursue coming potential, Hometap is even assisting to resolve a serious resource allocation situation regarding You.S. Property owners is now able to use the wide range built up in their house to find most other possessions in order to diversify their profile and proper size the debt. Likewise, the firm offers the people the means to access the new U.S. home-based market, a valuable asset group that has been in the past tough to supply.

We have been happy to become using having Hometap. That have an extremely clear, customer-very first method, they are providing a very important option to the problems encountered by of many property owners, said Nugi Jakobishvili, ICONIQ’s Chief Resource Officer. Due to the fact dealers, it’s unusual to acquire solutions for the mix of an appealing house character, a gifted management class, and also the potential to bring meaningful financial advantages to properties across the nation. Hometap’s deep workbench of top quality, higher integrity positives has established a superb platform that assists align residents and you may investors. He’s extremely really-arranged to lead the development we are seeing in the business.