Hometap Features in SFGate's Home Equity How-To Guide
October 3, 2023
Home equity remains a crucial - but too often ineffable - tool for consumer finance, writes Aly J Yale in SFGate. Yet there are easy ways to get caught up.
Hometap's own Jonathan Mackinnon weighed in on the value of this asset, how homeowners can calculate it, and how to deploy it. Yale also notes that home equity investment continues to rise alongside traditional financing options, as a viable alternative to tap into equity already built.
"[HEI] is a newer strategy that allows you to sell a portion of your home’s future value for an upfront cash payment. The perk of these agreements is that they have no monthly payments. Your balance doesn’t come due until you refinance or sell your house," she writes.
“It can be a source of cash today or in the future that can be used to achieve a wide range of short- and long-term objectives — pay down debt, renovate your home, pay for education, invest in additional properties or your business, or help with retirement,” Jon adds.
Read the full article here.