Hometap Secures $100 billion to help A great deal more U.S. People Supply their home Equity Versus Taking up Debt
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BOSTON, (Globe NEWSWIRE) — Hometap, that provides an intelligent, new loan alternative for experiencing family equity versus using up debt, now revealed this keeps secured $100 billion within the the brand new financing. The administrative centre boost includes ICONIQ Money, LLC and Hometap’s current people General Stimulant, G20, Pillar and you will American Family members Options, new promotion sleeve of AmFam Insurance policies.
With this additional financing, Hometap plans to remain their 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 Protects $100 mil to greatly help More You.S. Home owners Availability their property Guarantee As opposed to Taking up 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 away from home owners are presently effect 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 Research, 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 small loan Trumbull Center no credit check 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 driveway and yard, which has already helped increase the value of our home.
As well as enabling homeowners unlock the fresh collateral inside their home to handle financial need otherwise follow upcoming ventures, Hometap is even helping to solve a serious house allowance disease from the U.S. Homeowners may now make use of the riches built up in their home to get most other property so you’re able to broaden its profile and you can proper dimensions its obligations. While doing so, the firm is providing their dealers entry to new You.S. residential housing market, a secured item class that was in the past tough to availableness.
We are pleased to become investing which have Hometap. That have an incredibly clear, customer-very first strategy, he’s taking a very important solution to the difficulties experienced of the of a lot people, said Nugi Jakobishvili, ICONIQ’s Chief Capital Administrator. As the buyers, its unusual to get possibilities on mixture of a nice-looking asset character, a talented administration cluster, in addition to possibility to render meaningful monetary advantageous assets to houses across the the nation. Hometap’s deep counter of top quality, high stability experts has established a superb system that can help align people and you may traders. He could be very well-organized to lead the growth we have been seeing in the business.