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Zac Leveraged His Home Equity to Settle His Divorce without Selling His Home
Zac C. built a stunning home to his exact liking — every corner and detail was custom. So when he and his spouse made the decision to divorce, he quickly began researching his options to keep the home he’d lived in for more than 15 years.
Zac knew the mortgage payments on the Mediterranean masterpiece he created would be out of reach to manage on his own. And then there were the costs of settling the divorce to consider.
“I didn’t want to uproot my life right now, and a divorce can do that,” said Zac.
After hearing about home equity investments from radio ads and social media, Zac looked into Hometap and other providers. He contacted Hometap, and after filling out an Application and speaking with an Investment Manager, he agreed that Hometap could be a good fit.
“I would have to get my wife to agree to sign the paperwork, so I began looking at other alternatives in case she wasn’t on board,” Zac explained, adding that his wife was co-owner of the home. “I talked with the mortgage agent I had worked with in the past, and he suggested refinancing without taking cash out, so that we could take her name off of the mortgage.”
Once the refinance was complete and the paperwork was updated, Zac reached out to his Investment Manager again.
“It was a year later; I was astounded that [my Investment Manager] Jake was still with me, and didn’t show any signs of being frustrated. He was very patient, answered all my questions as best he could, and pointed me in the direction of other resources when I was struggling. I appreciated working with him.”
Zac found the process far more streamlined than the refinance he had completed the year prior, and appreciated the flexibility of how he could use the funds. In fact, when his cousin’s business hit hard times amid the COVID-19 pandemic, Zac didn’t hesitate to suggest looking into Hometap.
“[My cousin] had looked into refinancing and wasn’t getting anywhere, and realized a home equity investment could help him get out of debt and get his business back on track without having to sell his home.”
In just a few months, Zac and his cousin both received their Investments — one to settle a divorce, the other to pay off business debts and recover.
“I had known there had to be better options these days. The more people look outside the box and realize that there’s more than one way of doing things, the more it’s going to benefit them, and that’s the way I live my life,” said Zac. “This was a good way for me to do what I was doing: keep the house and settle my divorce. I wouldn’t hesitate to refer anybody to Jake or to Hometap.”
Find out in just two minutes if your home qualifies for a Hometap Investment.
*Disclaimer: This homeowner was compensated for providing Hometap with an interview about his Investment experience.
If 2020 was a strange year for Boston’s startups, companies and nonprofits, 2021 was its equally weird sequel.
Today, we’re honoring the companies that were on fire in 2021, raising money, growing their firms, bringing in new customers, launching new products and boosting Boston’s ecosystem. Soon, we’ll announce the Blazer winners, one from each category, chosen by our panel of judges.
Without further ado, here are your 2021 Inno on Fire honorees:
Hometap: Hometap is a Boston startup looking to disrupt the real estate market by providing an alternative to loans called a “home equity investment,” providing cash in exchange for a share in the home’s future value. The company made a key executive hire in April, bringing tech industry veteran Moe Khan onboard as vice president of engineering. It also expanded operations to Pennsylvania, Washington and Ohio, extending its reach to 15 states. And during the second half of the pandemic, it pivoted to go remote with previously in-person processes, such as home appraisals,
financings and county recordings.
FinTech is the cross-culmination of traditional methods often associated with accounting, banking, finance industries, and of innovative technologies. This is how business is done in the 21st century and how customers connect with businesses intuitively.
Usually using AI to identify any opportunities that businesses may have to mitigate and missed potential risks long before problems ever arise, FinTechs provide accuracy and clarity.
As Boston progresses to hold its reputation as a hub for tech and innovation, the city has also given birth to major FinTech companies, causing a boom in the US FinTech space. Below is a list of 5 FinTech companies disrupting the financial sector in the country.
It’s important to note that a traditional SBA loan isn’t the end-all, be-all of financing options. There are quite a few alternatives, including a home equity investment, which can be a great choice for small business owners who either don’t fit the criteria for loan approval or were rejected by a traditional lender.
Though standard loans often have fairly low interest rates, the downside is that the timeline for funding is quite slow — up to three months — and the process frequently requires both a hard credit pull and site inspection. If speed and cash flow are priorities, a home equity investment from a company like Hometap can get you the money you need in as little as three weeks with no monthly payments and zero interest.
“Fintechs” and “Proptechs” offer new ways to tap home equity besides reverse mortgage, HELOC
What else could you have done? There are a number of new financial technology companies (called “fintechs” or “proptechs”) playing in this space that are trying to find novel ways to allow you to tap into your equity outside of a traditional home equity line of credit (HELOC), second mortgage, or reverse mortgage. Here are three to check out:
Hometap, for example, makes an investment in the property in exchange for taking an equity stake in your home. Currently offered in 15 states, the company takes an ownership stake in the property, making a bet against the future value of your home.
Unison, which is available in 30 states and converts “up to 17.5% of your home’s value to cash” and “in return, we share in a portion of your home’s value when you decide to sell.”
Unlock Technologies, whose website says “a typical agreement might exchange 10% of the current home’s value (cash to you) for 16% of the future home’s value (the Unlock Share).”
DETROIT, Nov. 2, 2021 /PRNewswire/ — Benzinga, a media and data provider bridging the gap between retail and institutional investors, will hold its 7th annual Benzinga Global Fintech Awards, a day of dealmaking, networking, and recognition in the financial technology space, on November 9, 2021.
This latest event will recognize and award the disruptive innovators that are actively working to create positive and diverse changes in the financial services space.
By participating in the competition, companies and executives are reviewed by our panel on their impact in the areas of investing, technology, financial literacy, and more.
This article originally appeared on Yahoo! Finance. Read the full article here.
