Hometap Protects $100 billion to aid A great deal more U.S. Homeowners Supply their house Security Rather than Taking on Debt

Financial support usually power Boston-established organizations proceeded federal extension

BOSTON, (Community NEWSWIRE) — Hometap, which provides an intelligent, the fresh new mortgage substitute for making use of family equity instead taking on loans, today announced which keeps secure $100 billion inside the the investment. The main city boost is sold with ICONIQ Money, LLC also Hometap’s newest people Standard Stimulant, G20, Pillar and American Friends Solutions, the strategy sleeve out of AmFam Insurance coverage.

With this additional financing, Hometap plans to remain their 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 Obtains $100 million to assist A whole lot more You.S. People Access their house Equity As opposed to Taking on 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 https://paydayloansconnecticut.com/wilton-center far, said Jeffrey Glass, CEO of Hometap. But the fact remains that the most from residents are impression house rich 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 Analysis, 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. 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.

In addition to enabling residents open the brand new guarantee within property to handle economic requires or follow coming solutions, Hometap is additionally helping to resolve a critical resource allotment disease regarding the U.S. Homeowners can now make use of the wealth built up in their house to get other possessions to broaden their collection and you can right proportions the personal debt. At exactly the same time, the company offers the buyers the means to access the newest You.S. domestic real estate market, a secured item class which was previously tough to availableness.

We’re thrilled to be using that have Hometap. With an incredibly clear, customer-earliest approach, they are delivering a valuable choice to the difficulties experienced because of the of numerous residents, told you Nugi Jakobishvili, ICONIQ’s Master Investment Manager. Given that investors, its unusual to locate potential into mix of a stylish investment reputation, a skilled administration cluster, plus the potential to render meaningful financial benefits to properties all over the world. Hometap’s strong bench of high quality, high integrity gurus has established an excellent program that will help align home owners and you may dealers. They are very well-positioned to lead the growth our company is witnessing on the market.