How Tonya Financed the Final Stage of Her Home Renovation

Tonya, a North Carolina homeowner, was searching for a funding solution that would allow her to refloor her historic home — the last step in a complete renovation project.

“Our house was built in the early 1900s. So we had remodeled our house from the roof down, and we were down to the floors,” she explained.

She was hoping to make a dent in her debt once the flooring project was done, too. “I also wanted to pay off bills so that it made it a little easier to pay our house off.”

However, as Tonya explored her options, she found that her home’s larger-than-average lot size disqualified her from the often-restrictive approval criteria of some traditional lenders. Then, she found Hometap.

“What made Hometap different is they were a lot easier to work with. We contacted a couple of other companies and we were ineligible due to the fact that we had over five acres [of land]. So they weren't interested in working with us at all…they only worked with people that had smaller lots, and the insurance was much more strict. So Hometap was just a better option for us. They were easier to work with and told us ‘yes,’ when others told us no,” she shared.

At the beginning of her Investment journey, Tonya was paired with Hometap Investment Manager Charlie, who guided her through the process from start to finish. “Tonya came to Hometap with a few financial goals with plans to sell…working with Tonya was a pleasure from our first phone call to receiving her funds,” said Charlie. “She explained her goals and how she was hoping we could help. Tonya had a unique property. After talking through the process with her, we were the ‘yes’ she had been looking for. Within a short period of time, we were able to help Tonya receive her funds so she could redo her hardwood floors. In addition to the renovations, Tonya was able to pay off some bills so she could put more money towards paying off her home.”

Tonya was pleasantly surprised at the simplicity, transparency, and straightforwardness of the Hometap experience.

“What I liked about working with Hometap is that they made each step very simple to follow, and gave us simple instructions,” Tonya said. “[They] didn't make it complicated after we finished the first step, let us know what was next, and what we needed to do to keep moving forward. So they made the process a whole lot more simple than I was expecting it to be.”

Along with her funds, Tonya has also received the peace of mind and reassurance that she’ll be able to reach all of her financial goals.

“We were able to pay down a lot of debt, which will make it easier for us to pay off the last little bit on our house…and being able to do the floors, which might have been impossible to do before selling our house in a few years. So overall, it's just been a really good experience and I only have good things to say about Hometap,” Tonya said.

If you could benefit from accessing your equity to reach your financial goals, 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.