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BOSTON, (World NEWSWIRE) — Hometap, that offers a sensible, this new mortgage substitute for making use of domestic collateral as opposed to taking up obligations, now revealed this possess safeguarded $100 million in the new financial support. The capital raise includes ICONIQ Investment, LLC together with Hometap’s current buyers General Stimulant, G20, Pillar and you may American Family Opportunities, the newest strategy arm out of AmFam Insurance.

With this additional financing, Hometap plans to continue its all over the country expansion, with the goal of bringing its total reach to approximately 75 percent of U.S. homeowners. The company will also be expanding its platform capabilities and significantly growing its cross-functional team to continue to deliver a best in class homeowner experience.

Hometap Secures $100 billion to aid Way more You.S. Residents Accessibility their residence Equity Rather than Taking up Obligations

We’ve been working diligently towards our mission of making homeownership less stressful and more accessible for as many U.S. homeowners as possible, and we’ve had tremendous success thus far, said Jeffrey Glass, CEO of Hometap. But the fact remains that the bulk from home owners are currently impact domestic steeped and cash poor’, and there’s a lot more work to be done to make home equity investments an option that’s available to everyone. We’re thrilled to have the financial support of such a diverse group of asset-backed and venture investors who can further propel Hometap towards helping millions of Americans free up liquidity from their homes without taking on more debt.

According to Hometap’s 2019 Homeownership Analysis, despite having a need for capital, 73 percent of U.S. homeowners don’t want to take on more debt through traditional financing options such as home equity loans or HELOCS. Hometap provides a smart new alternative to these solutions, enabling homeowners to access a percentage of their home’s current value in exchange for an agreed upon percentage of the future value of their home. By taking an investment in their home, rather than incurring additional debt, homeowners are now able to tap into their home equity without the stress of monthly payments and interest. Hometap’s unique homeowner-first approach, coupled with its simple and transparent pricing model, has allowed the company to differentiate itself and achieve significant market share within the rapidly growing home equity investment category.

One homeowner who turned to Hometap while trying to find a way to fund home renovations and pay off credit card debt is Butch F. of Monroe, Vermont. My wife and I had to start putting home repairs, including a new roof and HVAC system, on our credit cards, said Butch. We knew we had to pay off the credit card debt and were worried that if we didn’t get another home loan, we might have to sell our house. That’s when we started searching for alternatives and found Hometap. Given our financial situation, it was a no brainer – the process was easy, we received our cash in a few weeks and were able to pay off our credit card debt, while having enough cash left over to fix our driveway and yard, which has already helped increase the value of our home.

As well as providing people unlock new collateral inside their house to handle economic need otherwise realize coming possibilities, Hometap is also helping resolve a life threatening investment allowance condition in the You.S. Home owners are now able to use the riches gathered in their home buying most other possessions to help you broaden its profile and you may proper proportions their financial obligation. While doing so, the business is providing their buyers access to the fresh new U.S. residential market, a secured asset group which was in earlier times hard to availableness.

We are pleased to be spending having Hometap. Having a very clear, customer-basic method, he’s getting a valuable solution to the issues confronted by the of numerous property owners, said Nugi Jakobishvili, ICONIQ’s Master Capital Officer. Just like the dealers, its unusual to locate potential to the mixture of a nice-looking investment profile, a gifted administration people, and possibility to provide meaningful financial advantageous assets to houses all over the online installment loans bad credit Florida nation. Hometap’s deep counter of high quality, higher stability gurus has created an excellent program that can help line-up homeowners and you can people. They are incredibly really-positioned to guide the growth our company is watching in the market.