HomeTap was founded in 2017 by entrepreneur Jeffrey Glass. Glass was already known in and around the Boston area as a startup master since he already created and successfully sold two startup companies. Glass started as an investor in HomeTap but became so enthralled by the idea, his involvement ended with him taking on the job of CEO.
The company works as a “loan alternative ” by offering people cash for a percentage of their home equity. When homeowners sell their property, they give Hometap an agreed-upon percentage of the sales price or the current appraised value.
The company is licensed to operate in 8 states:
- New York
- North Carolina
In December 2019, the company landed $100 million in financing to help expand its business.
Headquarters for HomeTap remain in Boston, Massachusetts.