Hometap is a lifesaver!
The process with Hometap was smooth and quick. Doing this HEI saved us from filing bankruptcy, because we were eaten up with credit card debt, and could not get approved for any other kind of loan to consolidate due to our debt to income ratio being too high. Hometap saved us. I however would not resort to doing a HEI unless the situation was dire like mine, because you will end up paying A-LOT back to Hometap when you decide to refinance, sell or pay them back yourself. If you do use Hometap, it would be wise to refinance or sell ASAP, and do not wait the whole 10 years. You will end up owing them A-LOT more of your equity than you borrowed. But again, in a dire situation like mine, Hometap was our best and really only option. As long as you refinance quickly, the payback won’t be too bad. I really appreciate Hometap because it gave me a huge break when I really needed it. I was able to pay off almost all of my debt, and now I have an opportunity to breathe while I figure out the rest. My HEI investment manager Michael was nice and, for the most part prompt in responding. Also, when there was a delay in closing due to no fault of them or me, they compensated for that, so that was appreciated as well. Overall it only took about a month to finalize everything, and I got the money in my account in exactly 7 days after signing.