Hometap—Understand the Pros and Cons
What is Hometap?
Hometap invests in your home and gives you the cash value of the investment. They provide an alternative to the typical home equity loan by supplying cash now, providing a plan of home co-ownership along with a share in your home's future value.
Hometap gives you the freedom to choose what to do with your home's value without borrowing against the house itself. Homeowners are paid today for some of the equity they've accumulated in their property. When you sell your home or before ten years pass, the investment is settled, and Hometap is paid their agreed share.
After being approved, one lump cash payment is received. This creates an opportunity to use some of the value of your home for whatever you need, whether it's renovating, investing in a new business, or other ventures.