Hometap HEI Review
The Bottom Line
Best for: homeowners who want a 10-year agreement and as much cash as possible.
Hometap's HEI has a fixed 10-year term — shorter than the up-to-30-year options at Point, Unison, and Splitero. But Hometap stands out for how much cash you can access: up to 27% of your home's value (the highest we track) and a $600,000 ceiling (tied with Point for the highest as well). Hometap works best if you plan to sell, refinance, or otherwise settle within that 10-year window. If you expect to stay in your home beyond 10 years without a clear plan to settle, it may not be the right fit.
Is Hometap Right for You?
Good Fit If
- You want to access the most cash relative to your home's value — Hometap's 27% cap is the highest we track
- You have a clear exit horizon within 10 years and don't want a decades-long commitment
- You've made or plan to make home improvements that add real value — Hometap can exclude eligible renovation value from its share
- You need a smaller amount — Hometap's $15,000 minimum is tied with Unlock for the lowest we track
- You have a manufactured home — Hometap is the only provider we track that allows it
Not a Good Fit If
- You haven't decided between a 10-year, 30-year, or mortgage-linked term — that choice matters more than which specific provider you pick. Decide on term length first, then check the cost calculator for the cheapest option within it
- You plan to stay in your home well beyond 10 years without a clear plan to sell, refinance, or otherwise settle
- Your property isn't a single family home, condo, townhome, 2-4 unit, or manufactured home
- You own the property through an LLC or trust — Hometap doesn't permit either
- You live outside Hometap's current 21-state footprint
See How Hometap Compares
Enter your home details to compare Hometap against Point, Unison, Unlock, and Splitero side by side — eligibility, estimated effective APR, and year-by-year costs.
How Hometap Compares
Where Hometap Leads
- Highest proceeds percentage. You can get up to 27% of your home's value in cash with Hometap — the highest we track.
- High funding ceiling. You can access up to $600,000 with Hometap, tied with Point for the highest amount among the providers we track.
- Lowest minimum amount. You only need to request $15,000 with Hometap, tied with Unlock for the lowest minimum among the providers we track.
- Origination fee is capped. Hometap's origination fee can't exceed $20,000, no matter how large your request — the only provider we track with an explicit cap, which can save you real money on a large request.
- Manufactured homes accepted. Hometap is the only provider we track that allows manufactured homes.
- Credit for home improvements. If you renovate and your home's value goes up because of it, Hometap can exclude that added value from its share — so you keep more of what you put in, the same as Unison and Unlock.
- One less thing to worry about after a death in the family. If you pass away before the agreement ends, your heirs don't have to repay Hometap right away — they can wait until the home is eventually sold, refinanced, or the term ends. Unlock and Unison, by contrast, require repayment within 180 days.
Where Hometap Falls Behind
- Short repayment window. Hometap's term maxes out at 10 years — versus up to 30 years at Point, Unison, and Splitero — giving you less time before you're forced to sell, refinance, or otherwise settle.
- Higher credit score requirement. Hometap requires a 585 minimum credit score — higher than the 500 minimum at Point, Unlock, and Splitero.
- Not available for LLC or trust ownership. Hometap only works with homes owned directly by individuals, not through a business entity or trust (common in estate planning) — the same restriction as Point and Unison.
Eligibility Requirements
| States | AZ, CA, DE, FL, GA, ID, IN, MI, MN, MO, MT, NV, NJ, NY, OH, OR, PA, SC, TN, UT, VA — check your specific state in the cost calculator |
|---|---|
| Property types | Single family, condo, townhome, 2–4 unit, manufactured |
| Residency | Primary residence, second home, investment property |
| Min credit score | 585 |
| Min home value | $60,000 |
| Max Senior LTV | 75% |
| Max CLTV | 82.5% |
| Funding range | $15,000 – $600,000 (up to 27% of home value) |
| Max term | 10 years |
| Existing liens | Reverse mortgages, interest-only loans, and existing HEI and HEA agreements not allowed |
How Hometap Works
Here's exactly what happens when you use Hometap, step by step. (New to HEIs and HEAs generally? Start with What Is an HEA?)
- Apply online. Hometap checks your home value, existing mortgage balance, and credit to determine your offer.
- Receive an offer. Hometap calculates its share of your home's future value based on how much you request and when you repay.
- Close and receive funds. An origination fee (4.5% of proceeds, capped at $20,000) plus roughly $2,000 in third-party costs are either paid out of pocket or deducted from your proceeds before funding.
- Live in your home normally. No monthly payments. You continue to pay your mortgage, property taxes, and insurance as usual.
- Settle when you're ready. Sell, refinance, or buy Hometap out at any time — there's no prepayment penalty. If you reach year 10 without settling, Hometap may require a sale of your home to resolve the balance — a last resort. At settlement, Hometap receives its share of your home's value at that time, subject to an annual cap — see exactly how below.
See What This Costs With Your Own Numbers
Now that you know how Hometap works step by step, enter your home value and see your modeled effective APR and payoff instantly — no manual math required.
How Repayment Is Calculated
Every HEI and HEA provider we track — Hometap included — calculates repayment using a formula made up of the same handful of components, just with different names and numbers. Here's how Hometap's payoff is actually calculated.
- Proceeds Percentage — how much you're asking for, as a percentage. Divide the amount you request by your home's appraised value. Request $50,000 on a $500,000 home, and your Proceeds Percentage is 10%.
- Multiple — a number that varies depending on when you repay. Hometap uses a two-tier multiple: 1.65x if you repay within the first 5 years, 1.80x if you repay in years 6 through 10 — the only provider we track whose multiple changes based on repayment timing rather than being fixed at closing or flat throughout.
- Investor Percentage — Hometap's share of your home's future value. Multiply Proceeds Percentage by Multiple.
Hometap Repayment Example
Here's that formula applied to a real scenario:
Scenario assumptions
- $500K home
- 700 credit score
- $50K requested
- 3.5% annual home price growth
- Exit year 10
| Proceeds Percentage | 10.0% ($50,000 ÷ $500,000) |
|---|---|
| Multiple | 1.80 (years 6-10 tier — 1.65 applies if exiting within the first 5 years) |
| Investor Percentage | 18.0% (10.0% × 1.80) |
| Final Home Value (yr 10) | $705,299 |
| Total payoff | $126,954 (18.0% × $705,299) |
Not every provider calculates repayment this way — some apply their Investor Percentage only to the change in your home's value over the term of the agreement, instead of to its full future value. We'll cover those differences on each provider's own page.
As an extra protection, Hometap also caps your total payoff at an annualized rate — about 18.5%/year in this example, applied to the amount you originally received before fees — so your home's appreciation can never push you past that ceiling. See the cost calculator for how it plays out with your own numbers.
What It Actually Costs You
An HEI has no monthly payment and no stated interest rate. What you owe Hometap depends on two things: how much your home appreciates, and how long you hold the agreement before settling.
The table below shows Hometap's estimated share — the total amount you'd repay Hometap at settlement — across a range of home price growth scenarios and exit years.
Scenario assumptions
- $500K home
- 700 credit score
- $50K requested
Hometap's Estimated Share Owed ($)
| Exit Year | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1 | 3 | 5 | 7 | 10 | 20 | 30 | ||
| Annual Home Growth | -1.5% | $60,076 | $78,843 | $76,495 | $80,965 | $77,376 | — | — |
| 0% (flat) | $60,076 | $82,500 | $82,500 | $90,000 | $90,000 | — | — | |
| 1.5% (low) | $60,076 | $86,268 | $88,876 | $99,886 | $104,449 | — | — | |
| 3.5% (avg) | $60,076 | $86,729 | $97,984 | $114,505 | $126,954 | — | — | |
| 5.5% (high) | $60,076 | $86,729 | $107,824 | $130,921 | $153,733 | — | — | |
Your own numbers — home value, mortgage balance, credit score, and requested amount — will produce a different result than the example above, and may make another provider cheaper for your situation.
Compare Hometap's estimated cost against other providers →Company Overview
Hometap was founded in 2017 and is headquartered in Boston, Massachusetts. The company has helped more than 15,000 homeowners access their home equity, and currently operates in 21 states.
Frequently Asked Questions
What credit score do I need to qualify with Hometap?
Hometap's minimum credit score is 585. Your specific offer terms will still depend on your full credit and equity profile.
How much money can I get from Hometap?
Hometap offers $15,000 to $600,000, capped at 27% of your home's value.
Does Hometap require monthly payments?
No. There are no monthly payments with a Hometap HEI. You settle the agreement — through sale, refinance, or buyout — any time before the 10-year term ends.
What happens if my home loses value?
Hometap's formula applies its share directly to your home's value at settlement — your home's value would need to fall by roughly 40-45% before you'd actually owe less than you originally received (the exact threshold depends on which multiple tier applies). Past that point, what you owe keeps falling as your home's value falls further, though it can never go below $0.
Can I use Hometap on an investment property or second home?
Yes, Hometap accepts primary residences, second homes, and investment properties. Hometap doesn't verify income for primary or second homes; investment properties typically require additional underwriting (such as debt-service coverage) regardless of provider, so confirm current requirements directly with Hometap.
Can I pay off a Hometap agreement early?
Yes. There's no prepayment penalty or lockout period — you can buy out Hometap's share at any time, based on your home's value at that time.
What happens if I don't settle by the end of the 10-year term?
If you haven't sold, refinanced, or bought out the agreement by year 10, Hometap may require a sale of your home to resolve the balance — this isn't unique to Hometap; every provider we track works the same way at the end of its term.
Get a Real Offer From Hometap
Your actual numbers depend on your home's appraised value and your own details. The surest way to know what Hometap would cost you is a real offer.
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