After evaluating multiple options, Gerry M. determined Hometap was the smartest way to access his equity.
When he lost a sizeable monthly income, Gerry M. was looking for ways to pay down his credit card debt. But with high debt-to-credit and debt-to-income ratios, he didn’t qualify for a HELOC.
Gerry was searching for alternatives to HELOCs when he discovered home equity investment products. As someone who was asset-rich but cash-poor, he was hopeful this was a potential path out of debt. “I would have faced serious debt collection and years trying to rebuild my credit score,” Gerry said, recalling the stress of his debt burden.
At first, Gerry started working with another home equity investment provider. “The other company’s application process was different than Hometap’s and much more difficult,” he explained. The process wasn’t moving in the direction Gerry hoped. “I got tired of jumping through hoops and not getting a reply back.” That’s when he read reviews from homeowners who had used Hometap. Gerry decided to reach out. “Max from Hometap was there any minute, any time to answer questions for me,” continued Gerry, comparing his experiences. “I built a personal relationship with Max and I can’t imagine having done this with anyone else, or another company, because he was so responsive with everything.”
“Obviously, [home equity investments] aren’t for everybody,” Gerry noted, “but it was helpful to read other homeowners’ reviews and see that many who were in my same situation said [Hometap] was a good fit for them.” He also appreciated the simple, streamlined process. “Everything was clearly communicated the whole time. I have no complaints.”
Now, Gerry is debt-free with no monthly payments, and he’s already seen an improvement in his credit score. “It hasn’t even been a month yet and my credit score has already shot up over 100 points,” he shared. “Now that my debt is paid off in full, I expect it to continue to jump another few hundred points.”
Having paid off his debt and improved his credit score, Gerry is, above all, relieved. “Hometap saved me from going down that dark hole of debt. I can sleep at night again thanks to Hometap.”