HomeTap Review

ByChris MullerDec. 24, 2020

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In a Nutshell

Hometap offers a way to use your home’s equity when you need it. With an investment from Hometap, you can free yourself from debt and monthly payments that come with conventional home equity loans. By filling out a quick online application, you can qualify for up to $300,000 in-home equity investing.


  • Pay only when you settle—no monthly payments or interest
  • Complete the online application in under 10 minutes
  • Make up to a $300,000 investment


  • Face risk of forced home sale if you can’t settle
  • Have only 10-year maximum term

Hometap at a Glance 

Direct lender or marketplace? Direct lender
Loan types:  Home equity
Featured Loans:  HEI
Repayment terms:  10 years
Minimum Down Payment: 3.5%
Minimum Credit Score: 600
Suitable for: Fast and flexible investment options


Hometap offers home equity investments as an alternative to conventional home equity loans and HELOCs. Hometap invests with you so that you can have access to your equity without going into debt on another home.

With flexible, transparent options, Hometap lets you use your home’s current equity by investing in your home with you. When you settle your investment, Hometap receives a portion of your home’s value as payment for its investment.

Hometap isn’t a traditional lender, so it doesn’t charge interest or monthly payments. Instead, it approves you and invests all at once, so you have money when you need it. 

Suitable For?

Hometap works for homeowners who want fast, flexible, and transparent loans. Since Hometap doesn’t require monthly payments or charge interest, it’s ideal for people who need money sooner rather than later. You don’t make any payments until you sell your home or settle your investment within the 10-year term. 

Types of Loans/Products

Hometap only offers home equity investments. However, it makes these investments flexible and easy for homeowners to qualify for through its application process.

Of your home’s total value, Hometap will invest up to 30% of your equity in exchange for 5% to 15% of your home’s appraised value. You’ll get a cash lump sum from its investment, and you won’t have to pay it back until you either sell your home or settle. 

Here’s what you can get with a Hometap investment:

  • Primary and secondary home equity investments
  • Funds of up to $300,000

Since Hometap doesn’t work like conventional lenders, it only offers one type of loan. The lack of options may seem like it traps homeowners into a cookie-cutter investment, but Hometap provides experienced investment managers to work with you and come up with a plan for your home.

The Application Process

Hometap has one of the quickest and easiest application processes available for home equity investments. The application itself only takes about ten minutes to complete, though the approval process can take longer.

When you apply for a Hometap investment, follow these steps:

  1. Fill out its online investment inquiry, which tells you whether you qualify for a home equity investment.
  2. Once you qualify, Hometap will walk you through their terms and how the investment works. 
  3. Get your home appraised. Its current value will determine how much Hometap will invest.
  4. Hometap will then approve you and invest anywhere from 5% to 30% of the current appraised value in exchange for a percentage of your home’s value or sell price. 
  5. It can take up to a month for Hometap to approve you, but at that point, you’ll receive the entire payment at once.

Rates and Fees– The Bare Basics 

Hometap will invest an amount up to 75% of your loan to value, or 30% of your home’s current worth.

While you don’t have to worry about monthly payments or interest, some of Hometap’s fees can add up. While its terms don’t put you in debt the same way traditional loans do, they require you to pay other fees, including:

  • 3% service fee
  • Home appraisal
  • Title charges
  • Government recording and transfer

These fees can total around $2,600 depending upon where you live, which means you will pay a significant amount to get your investment.

Compared to other direct lenders like Quicken Loans and Rocket Mortgage, Hometap offers fewer investment options for a shorter term as well as more fees. 

Repayment Terms

The maximum term for a Hometap investment is ten years, and you settle it all at once, the same way you received it. When you receive your loan, you agree to pay back 5% to 15% of your home’s appraised value or resale amount.

When you decide to settle, Hometap will send another appraiser to determine your home’s value. Depending on whether its value went up or fell over the past several years, you may end up paying even less than you borrowed.

Help & Support

Hometap investment managers are available Monday through Thursday from 8:00 a.m. to 8:00 p.m., and Friday from 8:00 a.m. to 5:00 p.m. In addition to contacting them directly, you can find more information on their Homeowners’ Resources page, which provides guides, videos, and other content to help you understand how a home equity investment can help you.

  • Email: hello@hometap.com
  • Phone: 1-617-415-4419

You can also use Hometap’s online form to send an inquiry, and they will get back to you. 


Hometap can be an excellent option for many homeowners who don’t want the stress of monthly payments that come with a loan. With this investor, you only pay back the loan when you settle or sell your home.

Hometap offers plenty of educational content for homeowners considering taking an investment. Despite its lengthy approval process and many fees, this company offers the advantage of less hassle for your money.


How is a Hometap investment different from a HELOC?

A home equity line of credit (HELOC) lets you use your home’s equity when you need to borrow money. Hometap invests in your home based on the amount of equity you’ve already built from paying off your mortgage. 

With HELOCs, you risk foreclosure if you can’t keep up with monthly payments. Hometap doesn’t require monthly payments, so you don’t have to use your home as collateral or worry about paying back the investment for a decade.

What if my home’s value goes down after ten years?

If your home’s value goes down, Hometap doesn’t penalize you by charging you more. Some homeowners pay less than they borrowed when their home’s value goes down.

What happens if I can’t settle the investment?

One of the risks that comes with a Hometap investment is not being able to pay back the investment when the time comes to settle. In these situations, if you were not already planning to sell your home, you may be forced to do so to pay the company back.

Will a Hometap investment affect my credit score?

Because Hometap is not a conventional lender and does not demand monthly payments, its investment will not impact your credit score.

Physical Address 

800 Boylston St, 16th Floor

Boston, MA 02199

HomeTap customer testimonials

ExcellentReviews 276
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  • author
    2 days ago
    It was an exceptional experience start…

    It was an exceptional experience start to finish. Chris was informed , pleasant and attentive to my needs as a first time Hometap customer. His immediate responses to my communications put him head and shoulders about any other financial professional I have dealt with. I will recommend your company without reservation.


  • author
    2 days ago
    I would have to give Home Tap 5 stars

    I would have to give Home Tap 5 stars. It was an absolute pleasure working with Christopher P. He was able to assist me with tapping into some of the equity in my home when denied by other sources. The service that Home Tap offers is unmatched and I hope to see them around for years to come. Hometap thank you for just being there as an option. J.Johnson


  • author
    David Rowe
    Jan 22, 2021
    Thank you Hometap!

    Hometap was what I needed, exactly when I needed it most! I was apprehensive at first but my Investment Manager, Devlin Keogh walked me through everything and answered all of my questions. I soon realized this was the path I wanted to take. The process was painless and with Devlin’s help we closed within a few weeks. Thankful for Hometap and Devlin!


  • author
    Jan 22, 2021
    Samantha Sandler was great in helping…

    Samantha Sandler was great in helping us through the process. She was very knowledgeable and patient. Working with her has made it very easy to make our final decision.


  • author
    Jan 21, 2021
    Better than a Heloc

    I am happy to review a new source of loan financing, because it towers above other loan products. Fast, affordable, and my laid back loan officer was right on cue every time. He was enjoying this process because he saw how helpful it was to me. Thank God others turned me down, because I am truly at home.....with Hometap! My loan was for home improvement. Bryan Barry is the only banker I want to know. This program has rescued and enhanced my dreams.