Hometap Secures $100 mil to aid A great deal more U.S. People Supply their house Guarantee In place of Taking on Loans

Resource usually fuel Boston-based company’s continued national extension

BOSTON, (World NEWSWIRE) — Hometap, that provides a smart, brand new mortgage substitute for making use of family guarantee in the place of using up obligations, today announced which has actually protected $100 mil into the the brand new capital. The main city raise is sold with ICONIQ Capital, LLC plus Hometap’s newest buyers Standard Catalyst, G20, Mainstay and you can American Family unit members Ventures, new strategy arm 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 Obtains $100 mil to greatly help A whole lot more You.S. Residents Supply their house Equity Instead Using up Personal debt

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 bulk of home owners are presently impression domestic 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 https://paydayloancolorado.net/eckley/ 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, 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 permitting residents open this new equity in their property to address financial needs or realize coming solutions, Hometap is additionally assisting to resolve a life threatening resource allotment disease regarding the U.S. Residents are now able to use the riches collected in their house to order almost every other possessions in order to diversify its profile and you will right dimensions their personal debt. Additionally, the company is offering its buyers access to the newest You.S. residential real estate market, a secured item classification that has been in past times tough to availableness.

Our company is pleased to getting expenses with Hometap. That have an extremely clear, customer-earliest approach, he’s delivering a valuable choice to the difficulties faced by of many homeowners, told you Nugi Jakobishvili, ICONIQ’s Master Resource Officer. As the investors, its rare to locate ventures on the mixture of an appealing advantage profile, a gifted government cluster, together with possibility to bring significant economic positive points to properties all over the world. Hometap’s strong workbench of top quality, large ethics advantages has established an excellent program that will help fall into line people and you may buyers. He or she is incredibly really-organized to guide the growth we are seeing in the business.