Gina Paid Off Renovation Loans and High-Interest Debt with Her Home Equity
Gina worked for a catering company when the COVID-19 outbreak began. The business closed its doors with no intention of reopening. Gina was, like so many others in the early days of the pandemic, suddenly and unexpectedly out of work.
What’s worse, she had just spread the costs of her recent home renovations across a home equity loan and several high-interest credit cards. She lives in the Massachusetts home that has been in her family since the 1970s, and had made some necessary upgrades.
She had planned to refinance in order to pay off the debts, but she knew she wouldn’t qualify to refinance without a paycheck.
Then, she heard about Hometap on the radio. Still a bit unsure, Gina requested an Estimate online and was introduced to her Investment Manager.
“It was an easy process, that was helpful,” said Gina. “Very automated, very easy to apply, easy to provide the documents. I was nervous about the 10-year timeline* — to pay back or sell [the home] — but she [my Investment Manager] explained all my options; you can refinance, use a home equity loan, etc.
“I felt more at ease knowing there were more options. When the 10 years are up, there will be other options to pay it back.”
In a few weeks, Gina finalized her home equity investment, first using the funds to pay off the high-interest credit card debt she’d been carrying, and then address her home equity loan balance.
Gina has since gone into business for herself, launching a cleaning and painting service, and says she’d recommend a home equity investment to anyone that finds themselves in her shoes.
“If you’re in my circumstance, you can [access] the value of your home via an investor and be able to tap some funds to help you pay off debt.”
Find out if a home equity investment from Hometap could help you pay off your debts, fund your renovations, or accomplish your other financial goals. An Estimate takes just a few minutes to complete.
*The timeline mentioned above is referencing Hometap’s 10-year effective period. This refers to the time in which the Investment must be settled, which can be done in several ways, including through the sale of the home, savings, a refinance, or a home equity or other loan.
Disclaimer: This homeowner was compensated for providing Hometap with an interview about her Investment experience.
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