The new Home Equity Dashboard allows homeowners to view their equity and access tools and resources that will help them reach their financial goals, Hometap said in a Wednesday (May 10) press release.
“Amidst higher inflation rates and rising inflation, home equity remains at near-record levels, but many homeowners still struggle to understand how much home equity they have or how they can use it,” Hometap Vice President of Product Adam Sigel said in the release. “With the launch of the Dashboard, we are providing Americans with a one-stop shop for managing their home equity, both now and down the road, to give them more control of their financial futures.”
Hometap’s Home Equity Dashboard provides data visualization of home value, mortgage and home equity today; estimates for up to 10 years; and forecasts based on multiple home appreciation scenarios, according to the press release.
The Dashboard also supplies maintenance checklists that homeowners can use to better protect the value of their home; a home renovation calculator that forecasts the return on investment of home repairs and upgrades; and home services offers and discounts from Hometap’s partner network, the release said.
“Not only do we focus on aligning ourselves with companies that save homeowners time and money and provide them with an exceptional experience, but we also ensure that they help protect and optimize their largest asset,” Hometap Vice President of Product Strategy and Business Development Jonathan MacKinnon said in the release.
Advertisement: Scroll to Continue
Converting home equity into cash can be a financial lifeline for individuals and families that are suddenly facing macro headwinds that might not let up for the next few years, EasyKnock CEO Jarred Kessler told PYMNTS’ Karen Webster in an interview posted in March 2022.
“The place where most people are going to get their money, if they’re allowed to get it, is their home,” Kessler said at the time.
With consumers getting ready to battle inflation for the long haul, many are scrambling to get home equity loans, but they’re not really using the loans, Valley Bank EVP and President of Consumer Banking Kevin Chittenden told PYMNTS’ Karen Webster in an interview posted in February.
Instead, those loans are a safety net kept in reserve, Chittenden said.
