Hometap Protects $100 mil to assist Even more You.S. Residents Availability their residence Guarantee As opposed to Taking on Obligations

Funding tend to power Boston-mainly based businesses proceeded national extension

BOSTON, (Industry NEWSWIRE) — Hometap, that provides a sensible, the fresh financing alternative for tapping into family equity instead of using up financial obligation, today announced so it has actually protected $100 mil in the the money. The main city boost boasts ICONIQ Resource, LLC and Hometap’s most recent traders General Stimulant, G20, Pillar and you will Western Family members Solutions, the fresh new venture case off AmFam Insurance policies.

With this additional financing, Hometap plans to remain the nationwide 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 greatly help Significantly more You.S. Homeowners Supply their house Equity Rather than Using 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 off people are impact domestic 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 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. away from Monroe, North carolina. 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 money loans in Igiugig driveway and yard, which has already helped increase the value of our home.

And additionally permitting homeowners unlock the new security inside their belongings to handle monetary means otherwise go after upcoming potential, Hometap is additionally helping to resolve a significant investment allocation condition about U.S. Home owners is now able to use the wide range gathered in their home to acquire almost every other assets so you’re able to diversify their profile and you can proper size their obligations. Simultaneously, the company is providing the dealers usage of the brand new U.S. residential market, an asset classification which had been in past times hard to supply.

The audience is very happy to end up being paying which have Hometap. That have a highly clear, customer-very first means, he is providing an invaluable option to the challenges confronted because of the of several homeowners, said Nugi Jakobishvili, ICONIQ’s Head Financing Manager. Due to the fact dealers, it is unusual to obtain solutions towards blend of a stylish asset character, a talented administration cluster, and the potential to give important monetary advantages to domiciles across the the nation. Hometap’s strong counter of high quality, large stability positives has established an excellent program that assists line up people and you may dealers. He’s extremely really-positioned to guide the growth the audience is witnessing in the business.