How Aaron Funded a Family-Friendly Backyard Update

Aaron, a North Carolina homeowner, was seeking a way to fund a makeover for his backyard. He just welcomed a new child, so he really wanted to create a comfortable space for his family to gather with a screened-in porch that helped keep humidity and bugs at bay in the summertime.

While he’d done a cash-out refinance in the past, the current high interest rates and additional monthly payments meant that this option — and other more traditional financing solutions — were less than ideal for his needs this time around. Hometap’s home equity investment offered additional flexibility with its timeline and lack of monthly payments, ultimately making it the best choice for him.

“The thought that we can take out some equity in our home without having monthly payments… it’s much more flexible…we can either pay this off in the next one to three years — or if things change with our growing family, we wanted to pay it off in the next eight to ten, we have that flexibility too, without changing our payments.”

Aaron also valued how transparent the experience was, thanks to tools like the interactive Estimate feature in his portal, which is designed to help homeowners visualize their Investment amount and the agreed-upon share that Hometap will receive in different scenarios and settlement timelines.

“It had the calculator where we could kind of determine…if we wanted X amount of equity…it would show exactly what percentage we would owe whenever we bought that equity back. Super easy to use.”

Rachelle, the Hometap Investment Manager Aaron worked with, prioritized communication, keeping him updated as he moved through the Investment experience — and Aaron noticed and appreciated this aspect as well. “It was pretty transparent throughout the whole process, as far as scheduling and where things stood,” he said.

When Aaron received his funds, he also received peace of mind at a busy and somewhat stressful time in his life, and is looking forward to enjoying more quality time and making memories in his new and improved backyard.

“We just had a newborn, so we were really anxious to try and get the project started as soon as possible,” he explains. “And while getting a loan would have been an option, it was quicker and a little bit more pain-free to go the Hometap route. It’s going to allow us to create a more comfortable space for our family to spend time outside. We're really happy to have gone through this process and grateful for the opportunity.”

If you could benefit from accessing your equity to reach your financial goals, find out if you qualify for a Hometap Investment. It only takes two minutes.

*Disclaimers: This homeowner was compensated for providing Hometap with an interview about his Investment experience.