Hometap Bolsters Rapid Growth with Key Executive Hire and Geographic Expansion

Home Equity Investment Company Triples Investment Volume, Names VP of Engineering, and Launches Operations in Washington and Pennsylvania

Boston, Massachusetts, UNITED STATES


BOSTON, April 13, 2021 (GLOBE NEWSWIRE) -- Hometap, which provides a smart, new loan alternative for tapping into home equity without taking on debt, announced today that it has named Mohiuddin (“Moe”) Khan as its Vice President of Engineering. Khan, a veteran in the technology space, will help foster innovation and drive the fintech company toward its next phase of growth as it continues to provide homeowners with a best-in-class experience. Additionally, the company has announced further progress toward its goal of nationwide operations. Now investing in Washington and Pennsylvania, Hometap’s home equity investment product is available in 14 states and reaches approximately 66% of all U.S. homeowners.

“I’m thrilled to be joining the Hometap team at such an exciting time,” Khan said. “I look forward to leveraging my experience in both software engineering and product development to continue optimizing the homeowner journey through smart, customer-centric solutions, as well as implementing new technologies that make the investment process even more efficient for our teams.”

Khan, who has nearly three decades of experience and previously held positions at Bay Networks, Nortel, and Acme Packet, joins Hometap after spending seven years leading strategy and product development as Senior Director of both Platform Engineering and Communications SaaS Architecture at Oracle. He holds a Bachelor of Science in Electrical Engineering from Worcester Polytechnic Institute and a Master of Business Administration from the MIT Sloan School of Management.

Recently named one of HousingWire's HWTech100 Real Estate Winners, Hometap experienced record growth in 2020, more than tripling its investment volume, doubling its state count, and growing its employee base by nearly 110%, with a specific emphasis on expanding its investment management, operations, and marketing teams to scale with the organization’s accelerating demand. Hometap also remains focused on delivering a superior experience to homeowners, collecting feedback through Trustpilot, where it continues to lead the home equity investment space with nearly 400 reviews and a 4.8 out of 5-star rating.

“I’m so proud of the growth we’ve achieved and the fact that Hometap was able to provide a debt-free financing solution for so many homeowners as they navigated the incredible challenges of last year,” said Jeffrey Glass, CEO of Hometap. “Now, with Moe Khan at the head of our engineering team and our expansion into Pennsylvania and Washington, we’re extremely well-positioned to achieve our 2021 goals and help more homeowners achieve theirs as well.”

Hometap’s geographic expansion will now give homeowners in Pennsylvania and Washington the opportunity to tap into their equity to fund life expenses like paying down debt, renovating their homes, or funding a child’s education. According to reports from ATTOM Data Solutions and CoreLogic, Washington had the fourth-highest concentration of “equity-rich” homes in the U.S. as of the fourth quarter of 2020, with an average of $47,200 in equity gained in the last year, while Pennsylvania home equity grew $19,000.

About Hometap

Hometap is a smart new loan alternative for tapping into home equity without taking on debt. Homeowners receive debt-free cash by selling a percentage of the equity in their homes to Hometap. They can use the cash for anything, from paying off credit-card debt to starting a business to buying a second home. When the home sells or the homeowner settles the investment, Hometap is paid out an agreed-upon percentage of the sale price or current appraised value. Learn more at https://www.hometap.com/.

CONTACT:

Rachel Keohan
+1 617-399-0604
rkeohan@hometap.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/138a62fc-7e4b-4133-a52d-60dc50b216bc

https://www.globenewswire.com/NewsRoom/AttachmentNg/c50b9686-90a3-4d00-951e-f6c6dec6a11e


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