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If you’re a homeowner in need of cash, tapping into your home’s equity is tempting. But if you already have a mortgage and other debt, taking on another loan with rising interest probably doesn’t sound too appealing. Luckily,there’s Hometap, a company that lets you tap the equity in your home without taking on more debt.
That might sound too good to be true, but it’s not. Just like a bank, Hometap provides you with cash based on your home’s existing equity. You can use this cash however you like: for home improvements, paying down credit card debt, investing in another property, etc. However, unlike a bank, there are no monthly loan payments and no interest payments.
Hometapis not a lender; it’s an investor. Instead of loaning you money, they are buying a small ownership stake in your home. This stake must be settled when you sell your home or in ten years, whichever comes first. And when it does come time to settle, Hometap takes a cut based on your home’s value and the percentage they invested.
So if you’re looking for a way to tap into your home equity without taking on more debt, you need to look at Hometap. Click here to learn more.