Hometap Makes Home Equity Investments Available to South Carolina Homeowners
Boston, Mass. – April 12, 2022 – Hometap, which provides a smart, new loan alternative for tapping into home equity without taking on debt, announced today that it is now available to homeowners across the state of South Carolina.
Unlike home equity lenders, Hometap makes investments in homes in exchange for a percentage of the future value of the property, providing homeowners debt-free cash today without interest or monthly payments. Homeowners can use the cash to accomplish their financial goals or fund significant expenses – from paying off credit card debt to building a dream kitchen to funding their small business or using the money towards a down payment on an investment property.
The typical home value in South Carolina currently stands at approximately $268,531, and has been growing rapidly, at a rate of 24% in 2021, according to data from Zillow. Average home equity gained in the state last year was $48,000, based on information from real estate data firm CoreLogic.
“South Carolina, like many parts of the country, has seen a rapid rise in home values over the past several years, but homeowners have not been able to tap their home equity without assuming the burden of additional debt,” said Jeffrey Glass, CEO of Hometap. “Home equity investment is a powerful option that gives homeowners cash to meet their immediate financial needs and address long-term goals, without the burden of a loan, which is increasingly critical in a rising interest rate environment. We’re very excited about expanding our geographic footprint into South Carolina and being able to help homeowners across the state.”
The launch of operations in South Carolina brings Hometap’s state count to 18; the company also invests in homes in Arizona, California, Florida, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Utah, Virginia, and Washington.
Hometap is on a mission to make homeownership less stressful and more accessible. Our home equity investment product provides homeowners with a fast, simple, and straightforward way to access the equity in their home without taking out a loan or having to sell. By investing alongside homeowners, Hometap offers debt-free cash in exchange for a share of their home’s future value — all without any monthly payments or interest over the life of the investment. Through a combination of financial innovation and best-in-class customer service, Hometap enables people to get more from homeownership so they can get more from life. Learn more at hometap.com.