Hometap Extends Home Equity Investment to Utah Homeowners
With mortgage interest rates soaring, the state of the hive Owners have access to Debt-free alternative to tap into historical level of home equity
BOSTON, May 9, 2022 /PRNewswire/ — Homepagewhich offers a smart new loan alternative to tap into the equity in their home without going into debt or raising interest rates, today announced that it is now available to homeowners across the State of Utah.
The rollout is particularly timely, given the recent spike in interest rates for mortgage refinances and home equity lines of credit – the steepest sudden rise since 1987.
Unlike home equity lenders, Hometap invests in homes in exchange for a percentage of the property’s future value, providing homeowners with debt-free cash today, with no interest or monthly payments. Homeowners can use the money to meet their financial goals or fund big expenses – from paying off credit card debt to building a dream kitchen to financing their small business or using money for a down payment on an investment property.
The typical value of a home in Utah is currently around $529,509and has grown rapidly, at a rate of 29.6% in 2021, according to data from Zillow. The average home equity acquired in the state last year was $91,000according to information from a real estate data company CoreLogic.
“Utah has seen a rapid acceleration in home values, but homeowners have been limited in how they can leverage equity without going into debt in a rising interest rate environment,” said Jeffrey Glass, CEO of Hometap. “As real estate values continue to soar, homeowners are looking for new ways to harness the value of their homes without the added burden of a loan, both to meet their immediate financial needs and to achieve their goals. long-term financial assets. We are very excited about expanding our geographic footprint in Utah and help more owners.
The launch of operations in Utah increases the number of Hometap states to 18; the company also invests in houses Arizona, California, Florida, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Caroline from the south, Ohio, Oregon, Pennsylvania, Virginiaand Washington.
Hometap is on a mission to make home ownership less stressful and more accessible. Our home equity investment product offers homeowners a fast, simple and direct way to access the equity in their home without taking out a loan or having to sell. By investing alongside homeowners, Hometap offers debt-free cash in exchange for a share of the future value of their home, all without any monthly payments or interest over the life of the investment. Through a combination of financial innovation and top-notch customer service, Hometap empowers people to get the most out of homeownership so they can get the most out of life. Learn more about hometap.com.
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