This was a good way for me to do what I was doing: keep the house and settle my divorce. I didn’t want to uproot my life right now, and a divorce can do that.
Zac Leveraged His Home Equity to Settle His Divorce without Selling His Home
Zac C. built a stunning home to his exact liking — every corner and detail was custom. So when he and his spouse made the decision to divorce, he quickly began researching his options to keep the home he’d lived in for more than 15 years.
Zac knew the mortgage payments on the Mediterranean masterpiece he created would be out of reach to manage on his own. And then there were the costs of settling the divorce to consider.
“I didn’t want to uproot my life right now, and a divorce can do that,” said Zac.
After hearing about home equity investments from radio ads and social media, Zac looked into Hometap and other providers. He contacted Hometap, and after filling out an Application and speaking with an Investment Manager, he agreed that Hometap could be a good fit.
“I would have to get my wife to agree to sign the paperwork, so I began looking at other alternatives in case she wasn’t on board,” Zac explained, adding that his wife was co-owner of the home. “I talked with the mortgage agent I had worked with in the past, and he suggested refinancing without taking cash out, so that we could take her name off of the mortgage.”
Once the refinance was complete and the paperwork was updated, Zac reached out to his Investment Manager again.
“It was a year later; I was astounded that [my Investment Manager] Jake was still with me, and didn’t show any signs of being frustrated. He was very patient, answered all my questions as best he could, and pointed me in the direction of other resources when I was struggling. I appreciated working with him.”
Zac found the process far more streamlined than the refinance he had completed the year prior, and appreciated the flexibility of how he could use the funds. In fact, when his cousin’s business hit hard times amid the COVID-19 pandemic, Zac didn’t hesitate to suggest looking into Hometap.
“[My cousin] had looked into refinancing and wasn’t getting anywhere, and realized a home equity investment could help him get out of debt and get his business back on track without having to sell his home.”
In just a few months, Zac and his cousin both received their Investments — one to settle a divorce, the other to pay off business debts and recover.
“I had known there had to be better options these days. The more people look outside the box and realize that there’s more than one way of doing things, the more it’s going to benefit them, and that’s the way I live my life,” said Zac. “This was a good way for me to do what I was doing: keep the house and settle my divorce. I wouldn’t hesitate to refer anybody to Jake or to Hometap.”
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*Disclaimer: This homeowner was compensated for providing Hometap with an interview about his Investment experience.