How Paul and Sue Used Their Home Equity to Consolidate Debt and Boost a Business

Virginia homeowners Paul and Sue were looking for a smart way to consolidate their debt, which was distributed among various credit cards and personal loans. Since the couple is self-employed — Paul as a business owner, and Sue as a real estate agent — and don’t have traditional sources of income, they weren’t having much luck as they explored conventional loans and financing options due to the often restrictive application and approval criteria.

“Sometimes, the traditional outlets out there for home lending aren’t so friendly to customers like us,” explained Paul.

Living in the greater Washington D.C. area, Paul and Sue knew that they were sitting on a significant amount of cash in their home that could potentially help them get closer to financial freedom, but hadn’t discovered many great ways to access it thus far. That is, until they found Hometap one day while searching online.

A home equity investment seemed like it could be the perfect fit for them, especially once they learned that Hometap uses a unique model that is designed to provide an accurate financial picture of each homeowner and offer them the funding they need.

“We knew we had a lot of equity,” recalled Paul. “What set [Hometap] apart was really that there was no…red tape there; they have their own formula and calculation for how they help people that have equity in their homes.”

As a former mortgage professional himself, Paul has seen it all, so his standards for service were high — and he was especially impressed with the simplicity and transparency of the Hometap Investment process.

“I thought it was excellent. I’ve been doing this for a while; the process was very easy…” he remarked.

He also highly values communication, so this was a key factor that set Hometap apart from other options for him. “That was the best part,” said Paul.

He appreciated the element of personalization Hometap provides by pairing a dedicated Investment Manager with each homeowner to answer questions and provide support, as well as the focus on keeping homeowners informed throughout the entire experience.

“Really, there was also just one person that we dealt with the whole time. The communication was outstanding from our Investment Manager…every step of the way, [they] kept us in the loop.”

With the cash Paul and Sue were able to access through their Investment, they were on their way to reaching their financial goals and handling their debt in a matter of weeks.

“We were able to get the help that we needed to consolidate debt,” said Paul. “And we really appreciate the help that Hometap gave our family.”

The benefits didn’t stop there, though. Since there aren’t any restrictions on how the money from a Hometap Investment is used, the couple even had some extra funds that they can put toward another goal. “I own my own business, so having some money left over in this economy is going to help to jumpstart that,” said Paul.

And as financial and real estate markets become increasingly unpredictable and costs continue to rise, Paul and Sue appreciate that Hometap Investments are debt-free, so they don’t have to worry about any monthly payments either. “I think having no payments in this economy and the ability to use your equity…it’s the best option out there to help families,” said Paul. “It’s a pretty cool tool and product to have. I’d say ‘go for it.’”

If you could benefit from accessing your equity to reach your goals — financial or otherwise — 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.

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We do our best to make sure that the information in this post is as accurate as possible as of the date it is published, but things change quickly sometimes. Hometap does not endorse or monitor any linked websites. Individual situations differ, so consult your own finance, tax or legal professional to determine what makes sense for you.