When comparing a reverse mortgage to a refinance to Hometap, Hometap wins for me every time.
How Susan Paid Off Medical Bills and Credit Card Debt with Her Equity
Saddled with thousands of dollars in unexpected medical bills and credit card debt, Susan W. wasn’t having a great start to retirement.
The first thing Susan did each month was pay her mortgage, leaving just enough cash from her fixed retirement income to make the minimum payments on the rest of her bills. Interest was adding up and looming over her head, making it impossible for her to enjoy the retirement she’d worked so hard for.
“I felt like I was marching in place,” Susan recalled.
Susan started comparing her options to tap into her home equity: reverse mortgage, cash-out refinance, and Hometap. She quickly eliminated a cash-out refinance due to high rates and monthly payments that she knew wouldn’t be sustainable in the long term. She was also hesitant about a reverse mortgage since she wanted to leave her home to her children.
“When comparing a reverse mortgage to a refinance to Hometap, Hometap wins for me every time,” Susan said. With Hometap, she didn’t have to sell or sign her home over to a lender. She used her Hometap Investment to pay off her credit card debt and medical bills. The simple, fast, no-surprises process and one main point of contact were also beneficial. Susan felt like her Hometap Investment Manager understood her situation without having to explain it.
With no monthly payment, Susan is now living comfortably in retirement without the burden of debt. “After Hometap, I was finally able to breathe easy,” she said. “I feel like myself and can wake up happy again.
“Taking an investment in my home makes me feel like a pioneer. And I love sharing my story with friends.”