James Paid Off Debt And Made Money-Saving Home Improvements

James and his wife, like many homeowners, were looking for some extra funds to handle two different goals: paying off debt and making some necessary updates to their home.

“We wanted to get some money to pay off our high-debt credit cards, and we had a major home improvement we wanted to do that would really improve our house, and so we needed extra money to get that covered,” James explained.

But even with so many financing options to choose from, it wasn’t easy to find the right one for their specific needs, as many of the traditional solutions, like loans, involved taking on more debt — something the couple wanted to avoid.

“We checked out several sources, we looked at reverse mortgages…HELOCs, all different loan options,” said James. “But the big problem I had with all of them was that they gave us a monthly payment; we’re on a tight budget and can’t afford a lot of extra money.”

Then, they discovered Hometap. With no monthly payments for the 10-year life of the Investment, it was the perfect fit. “What I really liked about Hometap is that they’ll give us equity in advance,” James said.

Once he answered a few preliminary questions and requested an Estimate, James was paired with Investment Manager Bobby, who guided him through the steps of receiving his funding and answered any questions along the way. Since Bobby was his dedicated point of contact throughout the entire process, he became very familiar with James’ and his wife’s situation and their goals. Most importantly, he understood how and why Hometap had a unique advantage that appealed to them over other solutions.

“Finding an option that didn’t add to his debt and didn’t create another monthly payment to his plate was a huge benefit for James and his wife,” said Bobby.

Home financing is a major decision for most homeowners, and with home equity investments being relatively new, communication and education is key throughout the process.

“Our goal as Investment Managers here at Hometap is to be as transparent as possible with the homeowner, while at the same time answering any questions that they might have and keeping an open line of communication, which I think is what James appreciated most about this process,” Bobby added.

James was pleased with the simple and straightforward experience, as well as Bobby’s reliability, availability, and responsiveness.

“For us, the Hometap program was pretty clear-cut. Our Investment Manager was sharp, he knew the answers when I asked questions, I’d email him and he’d get right back to me,” he recalled.

Best of all, once they were approved for the Investment, it didn’t take much time for James and his wife to get their equity in cash. “The thing was tight, it only took a few weeks to get it through, I think three or four.”

And as soon as they received their funds, they were able to get started on both of their goals in relatively short order — eliminating debt, which helped them financially, and home improvements to boost their quality of life, too.

“We’re using the money to put in a fireplace and it’s going to really help with our heating costs for this winter.”

Beyond the tangible benefits, cost savings, and a more comfortable home, the couple is also enjoying the relief and peace of mind that comes along with being debt free.

“We paid off our credit cards. We have no other debt other than our house mortgage. It put money in the bank for us as a reserve, and we’re set…it worked out well for us.“