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Katie walked into her laundry room to find it flooded. Her home warranty company sent a plumber to her home, and he diagnosed the problem as a broken water heater — a repair her warranty didn't cover. She paid for a replacement out of pocket, only to wake up the next morning to find the laundry room flooded… again. But this time, the news was worse. There was a significant leak under the foundation, which required her kitchen to be gutted, her floor drilled through, and everything rebuilt from scratch. To top it off, she was recovering from knee replacement surgery.

Despite having roughly $150,000 in home equity, Katie couldn't easily access it. Her debt-to-income ratio had deteriorated so much from her repair bills that a traditional loan wasn’t an option. She even looked into bankruptcy, but at her age, the idea of spending a decade rebuilding her credit was less than ideal. She even tried a debt settlement company, which helped reduce some balances — but not enough. The situation kept pointing toward the same painful conclusion: sell the house, pay off the debt, and move back in with her daughter. That's when she came across Hometap on Facebook.

Hometap offered something that a traditional loan couldn’t offer: no monthly payments. After being buried in debt, the idea of taking on another monthly payment felt impossible. With a home equity investment, she wouldn't owe anything until she eventually moved out and sold her home within the 10-year term — a timeline she's at peace with.

James was a self-proclaimed city boy from Pennsylvania — but he and his wife had dreams of becoming homesteaders and purchasing a farm. To do that, they needed to cover the costs of necessary repairs to their current home — and make a down payment on the new one, which was proving to be a challenge.

“We didn’t have enough for a down payment and that transition period. Even though [my house] was paid off, I couldn’t pull equity with an equity loan on top of trying to get a mortgage [for a new house] at the same time,” James explained.

While he weighed his options, he was intrigued by the idea of a home equity investment, and narrowed it down to Hometap and another home equity investor. Ultimately, Hometap’s 10-year term and lack of monthly payments were especially appealing to James, but it was the positive Trustpilot reviews from fellow homeowners that sold him. In addition to the flexible settlement timeline, James also appreciated the one-on-one service he received from his dedicated Investment Manager, Kaleigh.

Once he received his funds, James got to work on his goals, and was able to settle his investment within about six months. “We used some of the funds for renovations, some paint, minor things to get the house ready. A big chunk went to our down payment. And then the proceeds from the sale [of the first house] allowed us to settle,” he said.

Ruben wanted to consolidate his debt, which included dreaded high-interest credit card debt that so many homeowners struggle with. When he found Hometap, he was happy to see that the application process was both easy and completely digital — and that the approval criteria was more flexible than that of many traditional financing providers.

“I could take care of everything online, submitting all of the documents that were needed,” he explained. “You didn't need to have perfect credit and they were easy to work with, and that's why I decided to use them.”

The ability to tap into his equity to reach his financial goals has not only given Ruben more peace of mind and relief, but opened up even more possibilities for his family — all without the stress of another monthly payment.

“The funds that I received from my Hometap Investment have been a game changer. For me and for my family, we are able to get rid of our high-interest credit card debt and use the equity from our home and not have a monthly payment. So it lets us get caught up on everything and anything we had going on, and it allows us to plan better for our future.”