You can edit almost every page by Creating an account. Otherwise, see the FAQ.

Hometap Home Equity Investments

From EverybodyWiki Bios & Wiki

Hometap Home Equity Investments Hometap is a home equity investment company based in Boston, Massachusetts.

History In 2017, the founders of Hometap secured $12 million in funding to launch their homeowner product. Founders consist of Jeff Glass, former Skyhook Wireless CEO and former managing director at Bain Capital Ventures; Andrew Vassallo, former Spogo co-founder and CEO; Maxwell Campion, former BriefMe CEO and founder; and Charlie Vrettos, former Bow & Arrow Labs CTO.[1]

Hometap launched their homeowner product in June of 2018 in their headquartered location of Boston, headed by CEO Jeffrey Glass.[1]

On December 3, 2018, Housing Wire released an article detailing Hometap’s growth since it’s launch in addition to survey data taken as part of Hometap’s market research. The research revealed that 91% of the 650 homeowners surveyed would prefer financing options that allow them to tap into their equity without taking on debt.[2]

On July 12, 2019, Hometap partnered with fintech companies Knox Financial and Own Up to volunteer with Heading Home, a Boston-based non-profit that provides both monetary support and staff to help move a shelter family into permanent housing.[3]

In May of 2019, Hometap expanded its operations, accepting investment applications in Massachusetts, California, North Carolina, New York, Florida, and Virginia.[4]

On June 21, 2019, Hometap was named a BostonFest Coolest Company Finalist, an award category that recognizes companies of all sizes for their efforts to give back to their communities, as well as the benefits and perks given to their employees.[5]

In June of 2019, Hometap's Engineering team was recognized by VentureFizz.[6]

In September of 2019, Hometap was named a finalist by Tech In Motion's Timmy Awards, an award recognizing work environments that promote innovation, learning and technical creativity.[7]

In October of 2019, Hometap released it’s Homeowner Report, “Is Homeowner Debt Getting Worse?”[8] following a survey conducted by online market research firm AYTM[9] of 675 U.S. homeowners.[10] The report revealed 1 in 5 U.S. homeowners feel house rich, cash poor, one of the main sources of financial stress for homeowners.[11]

In December 2019, Hometap closed it’s Series B funding after raising $100 million from investors including financial firms ICONIQ, General Catalyst, G20, Pillar, and American Family Ventures,[12] the venture arm of AmFam Insurance.[13]

In January 2020, Hometap expanded into Oregon and Maryland, further broadening it’s reach of U.S. homeowners.


As an alternative to home equity loans, Hometap offers home equity investments of up to 30% of a home's value in exchange for a lump sum of cash. Homeowners have a maximum of ten years to settle the investment or sell the home. When the home sells or the homeowner settles the investment, Hometap can exercise its option and receive its percentage of the sale price or current appraised value of the home. That percentage is dependent on the appreciation or depreciation of the property at the time of settlement. An annual appreciation cap of 20% is observed to prevent Hometap from benefiting from rapid appreciation to the same extent the homeowner would. [14]

To apply, a homeowner requests an Investment Estimate to determine if they prequalify, providing their address, property type and property use. If the property meets criteria to qualify for an investment, Hometap prepares an Investment Estimate for the property and assigns the homeowner to an Investment Manager.[15]

The homeowner must then complete an online application.
Hometap orders a third-party home appraisal to determine the home’s current market value. Based on this data, Hometap provides the homeowner with an investment offer.[16]

If the homeowner accepts the offer, a closing is scheduled. The funds are wired four days after closing.[17]

The homeowner may settle the investment at any point, up to ten years after closing. Settlements can be accomplished through the sale of the home, through a home refinance, or by paying the settlement amount outright. Hometap is paid its share—a percentage of the home value at time of sale or settlement.[18]

A closing fee of 3% of the Investment amount is deducted from the investment total, and includes the cost of arranging and funding the Investment, and the appraisal cost.[19]

Hometap makes investments in condos and single family homes in which the owner has a minimum 25% equity. It does not make investments in vacation homes or rentals that are not occupied by the owner at least 51% of the year.[20]


  1. 1.0 1.1 "Xconomy: Amid Housing Boom, Hometap Raises $12M to Buy a Piece of Your Home". Xconomy. 23 May 2018.
  2. "Hometap finds traction with the house-rich, cash-poor". HousingWire. 3 December 2018.
  3. "Up & Out Spotlight: Hometap, Knox Financial, and Own Up". Heading Home. 23 September 2019.
  4. "Homeownership investment startup Hometap expands into new states". HousingWire. 29 May 2019.
  6. "21 of the Most Impressive Engineering Teams in Boston Tech". VentureFizz. 24 June 2019.
  7. Motion, Tech in. "Meet the 2019 Timmy Award Finalists Across North America".
  8. "Is Homeowner Debt Getting Worse?".
  9. "Online Market Research | AYTM Market Research".
  10. Hecht, Anna (4 November 2019). "Nearly half of millennials feel stressed about this after buying a home". CNBC.
  11. Glass, Jeffrey. "Breaking The House-Rich, Cash-Poor Cycle". Forbes.
  13. Azevedo, Mary Ann (13 December 2019). "Hometap Raises $100M To Give You Cash For A Stake In Your Home". Crunchbase News.
  14. Serpette, Shannon (10 February 2020). "Hometap Review for 2020: How It Works". LendEDU.
  15. "Need cash? Take an equity partner". HousingWire. 1 August 2018.
  16. "Homeowners say they feel stuck, can't reach other financial goals". HousingWire. 23 October 2019.
  17. Brassfield, Mike (23 April 2020). "Homeowners Can Get Cash in 3 Weeks — Without Selling or Taking Out a Loan". The Penny Hoarder.
  18. Rakoczy, Christy (18 July 2019). "Home Equity Sharing Agreements: Compare Options". LendEDU.
  19. "Hometap I Compare Options For Accessing Your Home's Equity".
  20. "Hometap I Answers To Your Home Equity Investment FAQs".

External link[edit]

This article "Hometap Home Equity Investments" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Hometap Home Equity Investments. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.