Palo Alto, Calif., Nov 08, 2022 - Point, the leading home equity platform, announced the addition of Hawaii, Tennessee, and Utah to its growing list of locations where homeowners can get a Home Equity Investment (HEI). With these three new states, Point’s HEI is now available in 23 states and the District of Columbia. Point plans to expand to 28 total geographies by early 2023.
Point’s HEI is a way for homeowners to access the equity built up in their homes. Point offers homeowners the option to get a lump sum of cash in exchange for a share of the home’s future appreciation. As an HEI is equity financing, there’s no monthly payment, and it has more flexible qualification requirements than other forms of financing. Homeowners can access up to $500,000 and have the flexibility to repurchase their equity at any time during the 30-year term with no penalty.
“With these new state additions, Point’s equity financing solution is now available in more than 70 percent of the U.S., spanning states coast-to-coast,” said Eddie Lim, co-founder and CEO of Point. “We are excited to offer more homeowners a chance to leverage their home equity to live their best lives, whether they want to start a small business, invest in their home, or restructure debt.”
U.S. homeowners have a historically high $29 trillion in home equity (1) due to years of gains, and economic uncertainty means that homeowners may be looking to build a financial cushion.
According to recent research, U.S. homeowners are eager to tap this equity. Sixty-one percent of homeowners told Point that they considered a home equity line of credit or mortgage refinance in the last 12 months, with about one-third (35 percent) of those homeowners decided not to pursue the loan due to rising interest rates. (2)