Resource commonly strength Boston-situated company’s went on national extension
BOSTON, (World NEWSWIRE) — Hometap, that offers a sensible, new mortgage alternative for tapping into domestic equity versus taking up loans, now revealed which have covered $100 million for the this new investment. The administrative centre increase has ICONIQ Resource, LLC also Hometap’s newest people Standard Stimulant, G20, Mainstay and American Family unit members Solutions, the brand new venture arm from AmFam Insurance coverage.
With this additional financing, Hometap plans to continue its 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 million to greatly help Far more U.S. Homeowners Availableness their home Guarantee Rather than 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 most from residents are impact home steeped 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 Investigation, 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 that site driveway and yard, which has already helped increase the value of our home.
Plus providing people open the latest equity in their belongings to address economic need otherwise go after upcoming potential, Hometap is also helping resolve a serious asset allotment disease regarding U.S. Property owners is now able to utilize the money accumulated in their home to order most other property so you can diversify their profile and you will right size their obligations. Likewise, the company offers their traders use of the newest You.S. residential market, an asset category that was prior to now difficult to availability.
The audience is happy to be using which have Hometap. That have an extremely clear, customer-very first method, they are bringing an important option to the issues encountered by of a lot residents, said Nugi Jakobishvili, ICONIQ’s Head Funding Administrator. Since traders, its unusual to acquire solutions on the combination of a stylish resource character, a gifted government group, in addition to possibility to provide meaningful monetary positive points to homes across the the nation. Hometap’s strong counter of high quality, higher stability experts has generated an excellent program that will help line up property owners and you will investors. He could be extremely really-arranged to guide the growth the audience is watching in the market.