With a child headed to college and a family business he wanted to invest in, John M. wanted a way to tap into his home’s equity without taking on additional debt.
Needless to say, John had an expensive next few years ahead of him. He also had a few debts he wanted to pay off in full to strengthen his financial position.
With a background in financial services, John was familiar with traditional loans available to homeowners to tap into their home’s equity. He started researching his options, but it wasn’t until he received a competitor’s solicitation in the mail that he found out about Home Equity Investments.
“I was intrigued by taking out money without a payment,” said John. After researching the process and terms, the marketplace, and specific providers, John found Hometap was the best fit for his situation.
Because Hometap is an investor, not a lender, John was able to access the funds from his home’s built-up equity without taking on another monthly payment or having to pay interest. When it came to accessing his home equity to make progress toward his goals, “everything made sense to me,” John said. “It was a great experience.”
As for using the capital from his Hometap Investment, John has a three-part plan: pay off credit card debt, invest in his girlfriend’s small business, and contribute to his son’s college tuition.
Reflecting on his experience with Hometap, John noted that “the process was very easy and very smooth.”