How Vincent is Making Home Repairs and Updates without Adding Debt

New Jersey homeowners Vincent and his wife had initially planned on living in their home for only 10 years or so. But as their two children got comfortable in school and familiar with their neighborhood, 10 years turned into 15, then 19.

Now, with one child headed off to high school and another in college, Vincent and his wife are turning their focus back to their home. The competitive market homebuyers were facing in early 2021 was enough to convince Vincent and his wife that it still wasn’t time to sell.

“I wanted to start making investments in my home without adding more bills,” said Vincent. “We wanted to make some improvements, pay off some bills, and just be comfortable.”

Vincent was no stranger to startup companies with new, innovative ideas, so when he stumbled upon Hometap in his search for ways to access his equity, he was intrigued.

“I’m not the kind of person to not try something just because it’s new,” said Vincent. “The old-fashioned way of pay-as-you-go just felt old. There has to be a better way of doing things — to have the ability to pay at the end or when we’re ready to sell.”

He looked to his mortgage provider first as he considered applying for a line of credit to fund some home renovations and pay off some debt. And while the rates were low enough to pique his interest, he found himself repeating the same drawn-out application process.

An internet search turned up Hometap. After lots of due diligence — reading through the website, customer reviews, comparison articles, etc. — Vincent requested an Estimate from Hometap.

“I was kind of shocked at how simple it was, in a good way,” said Vincent. “I thought there would be more to it, but it was very easy. [My Investment Manager] was great. He walked me through everything; he was very descriptive; he made me feel comfortable. And then they came and did the [signing] — it was perfect.”

With eight years left on their mortgage and only a few years before both children were out of the house, it was finally time to cross some renovations and repairs off their list to make the house more usable for their needs now.

After replacing their aluminum siding with vinyl to fit the feel of the neighborhood, they plan to tackle some interior repairs before redoing the kitchen and floors.

As to how they’ll settle their Investment, Vincent and his wife are keeping their options open.

“I don’t know what our options will look like in 10 years,” said Vincent. “I know we’ll have the house paid off in eight. I look [at the Investment] like a lease. I’ll pay a lump sum, without paying anything upfront. We may refinance, we may get another loan. If both kids choose to attend college out-of-state, that’s another factor to consider.”

Find out if a home equity investment from Hometap could help you make some needed home repairs and renovations, today!