Stefanie Accessed Her Home Equity Without Traditional Financing

Stefanie Stokes, a single mom of two in Arizona, was looking to tap into her home equity to make life a little easier, but she also wanted to explore alternatives to traditional financing methods like home equity loans in order to make it happen.

She found Hometap through an online search, and decided to find out if a home equity investment was a fit for her.

She began by answering a few questions about her home and requesting a free online Estimate on the Hometap website to see how much of her equity she could access in the form of cash.

“Within minutes I knew the value of my home,” Stefanie recalled. “It gave me peace of mind, and I was in control.”

Next, she was paired with Hometap Investment Manager Tony, who walked her through the process from beginning to end. Given that home equity investments in particular are still a fairly new option, Stefanie was understandably cautious about the prospect of this solution at first, so it was even more important to understand the ins and outs to determine if it made sense for her.

“I never felt pressured,” she said of working with Tony. “He always wanted what was best for me."

Tony made it a priority to ensure that Stefanie was fully informed about and comfortable with the home equity investment process before moving forward.

“As an Investment Manager, my job is really just to educate homeowners like Stefanie about her options and how a home equity investment would work. We’re not here to push a sale,” he explained.

As she weighed her options, Stefanie also took advantage of the many resources she has access to as part of her Hometap account to make an informed decision about whether an Investment was right for her.

“One of the things that appealed to her most is what we call our scenario planner, which is a tool we walk through together that really lets the homeowner see what they’ll receive and what Hometap’s share could look like in any scenario,” said Tony.

For Stefanie, the fact that a Hometap Investment doesn’t have any monthly payments attached was a game-changer — along with the flexibility of the 10-year timeline for settling the Investment.

“I had the funds available and didn’t have to worry about monthly costs…what separated Hometap was no monthly payment, no prepayment penalty,” she said.

And from receiving an estimate to applying to signing, she also appreciated the convenience of the process, which is largely virtual.

“What I liked most about Hometap was that everything was basically online…I never felt like I was guessing, and everything I did was from the comfort of my own home…there wasn’t a ton of paperwork,” she explained. “Everything was basically seamless and easy to do, and straightforward.”

Now that she has received her Investment funds from Hometap, Stefanie is excited about the possibilities that have opened up to her as a result of accessing the equity she has built in her home.

“The funds I’m receiving are definitely going to improve my life,” she said. “I’ll be able to update my home a little bit — new carpet, things like that…just being able to really enjoy the equity that I worked hard to get,” she shared. “Being able to pull out equity will give me the financial freedom I’m looking for. I would definitely recommend Hometap to other individuals who are looking for alternative ways to tap into their equity without having to go through traditional lending. Hometap was the best choice that I made, and I’m so happy that I did.”

Find out in just a few minutes how much home equity you could access with a Home Equity Investment.

*Disclaimer: This homeowner was compensated for providing Hometap with an interview about her 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.