Hometap provides homeowners with a home equity investment option that allows them to access up to $600,000 without incurring monthly payments or debt. This solution enables homeowners to leverage their property value for various financial needs, such as debt repayment or funding education, while maintaining ownership of their home.
Funding
$174.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many homeowners find themselves "house rich, cash poor," struggling to access the equity they've built in their homes without incurring additional debt or the burden of monthly payments. Traditional options like home equity loans or HELOCs add to their debt obligations, while selling their home may not be desirable or feasible.
Solution
Hometap offers a home equity investment (HEI) that provides homeowners with a lump sum of cash, up to $600,000, in exchange for a share of the home's future value. Unlike a loan, there are no monthly payments, and homeowners retain ownership of their property. Hometap's investment term lasts up to 10 years, giving homeowners financial flexibility to pursue goals like debt consolidation, home improvements, education funding, or business ventures. The process involves a quick estimate, a streamlined online application, and a transparent review of the investment offer. Hometap also provides a Home Equity Dashboard, offering personalized insights into the homeowner's equity and home value.
Target Audience
Hometap primarily targets homeowners seeking to access their home equity for various financial needs without incurring additional debt or monthly payments.
Features
- Home Equity Investment (HEI) up to $600,000
- No monthly payments for the life of the investment
- Investment terms up to 10 years
- Home Equity Dashboard for tracking investment and home value
- Funds can be used for any purpose (debt consolidation, renovations, etc.)
- No prepayment penalties
- Streamlined online application process
- Option to settle the investment with savings, refinance, or sale of the home