Hometap Protects $100 mil to help Significantly more You.S. Residents Supply their property Security Rather than Trying out Debt
Money usually fuel Boston-centered organizations went on federal extension
BOSTON, (Globe NEWSWIRE) — Hometap, that provides an intelligent, the newest mortgage substitute for making use of domestic equity rather than using up obligations, now launched it possess protected $100 mil for the the investment. The administrative centre boost has ICONIQ Money, LLC including Hometap’s newest dealers General Catalyst, G20, Mainstay and you may American Household members Potential, the fresh promotion case away from AmFam Insurance coverage.
With this additional financing, Hometap plans to continue its 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 billion to simply help More U.S. Homeowners Access their home Guarantee As opposed to 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 majority regarding property owners are presently perception home 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 Data, 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. from Monroe, New york. 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.
Plus helping residents unlock the new security inside their home to deal with economic means or pursue upcoming options, Hometap is additionally helping to solve a serious asset allocation problem on U.S. Residents are now able to make use of the riches built up in their house to order other possessions so you can diversify their portfolio and you can right proportions their obligations. Additionally, the business is providing its people the means to access the fresh new You.S. home-based market, a secured item category which was in earlier times difficult to availableness.
We are installment loans online Mississippi thrilled to feel purchasing which have Hometap. Having an incredibly transparent, customer-very first means, they are providing a very important solution to the issues confronted by of numerous residents, told you Nugi Jakobishvili, ICONIQ’s Chief Capital Manager. Given that dealers, its unusual to track down options toward blend of an attractive resource character, a talented administration class, and possibility to bring meaningful financial advantageous assets to property all over the country. Hometap’s deep table of high quality, large stability masters has generated an exceptional system that can help align home owners and you can investors. He is incredibly really-positioned to lead the organization we have been seeing in the business.
