Hometap Home Equity Loans Review
December 21, 2020
Founded in 2018, Hometap is a Boston-based company that offers a home equity loan alternative to those wishing to tap into their home equity. The company invests in homes in exchange for a percent of the future value of the home.
The investment term is ten years, at which time the homeowner can sell the home or settle the investment with savings or by refinancing.
It’s difficult to compare Hometap to other home equity loan providers because what it offers isn’t technically a loan. It’s an interesting new way for homeowners to access their equity without taking out a loan or making monthly payments. Instead, in exchange for ready cash, you give Hometap a minority stake investment. Hometap may not be a great fit for everyone. But particularly if your home has increased significantly in value since you purchased it, leaving you with equity, Hometap might work for you.
This article originally appeared on ConsumersAdvocate.com. Read the full review here.