Silver State Homeowners Gain Access to Debt-Free Alternative for Tapping Growing Home Equity
BOSTON, April 12, 2022 /PRNewswire/ — Hometap, which provides a smart, new loan alternative for tapping into home equity without taking on debt, announced today that it is now available to homeowners across the state of Nevada.
Unlike home equity lenders, Hometap makes investments in homes in exchange for a percentage of the future value of the property, providing homeowners near immediate access to debt-free cash without interest or monthly payments. Homeowners can use the cash to accomplish their financial goals or fund significant expenses – from paying off credit card debt or building a dream kitchen to funding their small business or using the money towards a down payment on an investment property.
The typical home value in Nevada currently stands at approximately $434,698 and has been growing rapidly, at a rate of 29.4% in 2021, according to data from Zillow. Average home equity gained in the state last year was $80,000, based on information from real estate data firm CoreLogic.
“Home equity has been rising rapidly across Nevada, but until now, homeowners haven’t been able to tap into that value without taking on additional debt in a rising interest rate environment,” said Jeffrey Glass, CEO of Hometap. “With residential real estate values seeing record growth across the country, home equity investments give homeowners the option of meeting their immediate financial needs and addressing long-term financial goals they may have had to put on hold during the pandemic, without the burden of a loan. We’re very excited about expanding our geographic footprint into a booming real estate market like Nevada and being able to help even more homeowners.”
The launch of operations in Nevada brings Hometap’s state count to 18; the company also invests in homes in Arizona, California, Florida, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Utah, Virginia, and Washington.
Hometap is on a mission to make homeownership less stressful and more accessible. Our home equity investment product provides homeowners with a fast, simple, and straightforward 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 their home’s future value — all without any monthly payments or interest over the life of the investment. Through a combination of financial innovation and best-in-class customer service, Hometap enables people to get more from homeownership so they can get more from life. Learn more at hometap.com.