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Home Financing 101

How an Investment Increase from Hometap Works

4 min read
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picture of author, Hometap TeamBy Hometap Team on August 31, 2021

Did you know that if you’ve taken a Hometap Investment that’s less than the full amount you originally qualified for, you may be able to receive a new Investment to access additional equity? It’s true, and we call it an Investment Increase.

Homeowners opt to access more home equity for all kinds of reasons: they miscalculate the cost of their home renovation project; their business is growing faster than expected and they need more funding to scale; now that debt is gone, there are new financial goals to consider — the reasons are virtually limitless. And Investment Increases are a great way to help get you where you want to be.

Below, we answer some common questions you might have before you tap into additional equity with us.

How will I know how much I qualify for?

You may be able to get a very general idea by referencing your first Investment Estimate and subtracting the amount you tapped into. That being said, there are many moving parts and factors that can change quickly in the time that has passed between your Investments, so it’s a great idea to check with your Investment Manager, who will walk you through each step of the process again.

Will I work with the same Investment Manager?

While we do our best to pair you with the same Investment Manager you worked with the first time around, there are some cases when it’s not possible. However, every one of our Investment Managers is committed to providing our homeowners with the best experience possible, and we’re confident that you’ll be happy with any of our helpful team members!

Will I need another appraisal? Will I have to pay the same closing costs?

Since appraisals expire after 90 days, you’ll likely need another appraisal if you’re taking another Investment after that point. You can also expect similar closing costs as you were responsible for with the first Investment. The closing cost fee will only apply to the second Investment amount. As with the first Investment, this will be deducted from the funding amount, so you won’t have any out-of-pocket expenses.

Are there benefits to an Investment Increase, beyond the additional funding? Can I expect a shorter timeline for funding? More efficient process? Do I need to upload all of the same documents I did the first time?

This all depends on the amount of time between Investments. While your time frame may be shortened the second (or third) time around, most of the documentation we require expires after 90 days, so you’ll likely need to provide more recent versions.

homeowner quote - Ryan D.

Are there any factors that could make me ineligible for an Investment Increase? (e.g. if my financial situation has changed for the worse since my first Investment, is it possible for me to not qualify for a second Investment?)

Yes, this is possible. To ensure that you’re still eligible for another Hometap Investment, we’ll need to take a fresh look at your financial situation.

If I want to move forward with an Investment Increase, what is the first step I should take in reaching out to Hometap? Where should I go, and who should I contact?

To begin the process of an Investment Increase, you can reach out to the Investment Manager you worked with for your first Investment. They’ll direct you to fill out a new Investment Estimate request so we can determine if and how much equity you’re eligible to access.

It’s been a few years and I’ve forgotten the name of my Investment Manager. What should I do?

Not a problem. You can either submit a new estimate request when you log into your account, and your Investment Manager will follow up with you, or you can send an email to — just tell us you’re interested in an Investment Increase and need to be connected with your Investment Manager. We’ll take care of the rest.

Thank you for considering Hometap (again!) to access additional equity from your home to accomplish your financial goals.

Hometap is made up of a collaborative team of underwriters, investment managers, financial analysts, and—most importantly—homeowners—in the home financing field that understand the challenges that come with owning a home.

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