Hometap
Hometap is a Boston-based fintech company that provides home equity investments, allowing homeowners to access their equity without taking on debt or monthly payments.
Company History
Hometap is a Boston-based fintech company that began its operations in 2017. Since its inception, the company has focused on providing home equity investments, an innovative approach allowing homeowners to access their home equity without incurring debt or monthly payments. As of now, Hometap has funded over 10,000 investments and has committed capital of approximately $1.5 billion. The company has garnered recognition from several industry-leading organizations, including Inc. 5000, HousingWire, and Deloitte Technology Fast 500.
Services
Hometap offers home equity investments, allowing homeowners to unlock their equity without taking on additional debt or monthly payments. Homeowners can receive up to $600,000 in as little as three weeks. These investments come with a 10-year term to settle the investment and require no monthly payments or interest. The equity can be used for various needs, such as paying off debt, funding education, making home improvements, starting or growing a business, or financing retirement.
Service Areas
Hometap's home equity investments are available in 16 states across the United States. The states where homeowners can access Hometap’s services include Arizona, California, Florida, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Utah, Virginia, and Washington.
Customer Service
Hometap places a strong emphasis on customer service, which is reflected in its 4.9/5 rating on Trustpilot, based on over 2,000 reviews. The company has been recognized for its excellence in customer service in both 2023 and 2024. Hometap's corporate social responsibility program focuses on local communities, diversity, equity, and inclusion, and promoting financial literacy.
Innovations and Technology
Hometap utilizes a proprietary, AI-powered investability model to create a thorough financial profile for homeowners, facilitating their decision-making process. Additionally, the company offers a Home Equity Dashboard, a tool to help homeowners monitor and manage their home equity. Hometap has been named to Fast Company's list of the World's Most Innovative Companies for 2023, indicating its role as a leader in fintech innovation.