Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:10/25/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Hometap appraised my home at $512,796 back in April 2020. They gave us an investment amount of $37,235. Now only 3.5 years later, they appraise my house for $910,000. They want to use the $910,000 to calculate my payoff. The payoff will be around $70,780. That is $33,545 in interest. That would be an estimated interest rate of 30%. Is this legal on primary residences? Who managers these types of loans? It can't be the ***** they would not allow this.

  

  Business Response

  Date: 10/31/2023

  Hello ******,

  
  We understand your concerns regarding your settlement amount. At Hometap, we prioritize transparency in all our transactions, which is why throughout the investment process, we work to ensure that homeowners fully understand the settlement process and what potential settlement looks like over time. We recognize that market fluctuations can significantly impact property valuations, and we rely on objective third-party valuations to obtain an accurate value of your home at time of investment and settlement. It's important to clarify that a Hometap Investment isn't a loan and thus doesn't accrue interest. The settlement amount is a pre-agreed percentage of the home's total value and is determined and agreed upon at the time of the Investment as part of your Option Purchase Agreement. The amount is also capped at a 20% annualized rate of return to Hometap as the investor.  We are fully committed to providing you with further clarification and support throughout your settlement process. Please don't hesitate to reach out to us at ******************************** if you need any additional assistance or information.

• Initial Complaint

  Date:09/22/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Home tape was working on hour Hime Equity Investment. The customer service agent was good and helpful however the process was smooth until we got the appraisal they send out an independent appraiser. The appraiser came in with a valuation that was 30% lower than every home value in our neighborhood. The appraiser spent a total of 60 seconds in our home didn't ask a single question didn't go into the backyard and simply gave the worst appraisal we could possibly get now we can't get our approval because hometap will only go by this terrible appraisal. They asked me to look for mistakes in the appraisal to see if they could order another one. The mistake is the valuation it's just not accurate at all. We received an appraisal in March of 2023 that is 600k higher this was prior to some significant home improvements including a pool. This was a very unprofessional situation with the appraisal we have asked hometap to please send out another appraisal. The appraiser claimed our pool was not complete so did not add to the evaluation which is not true the pool was complete we were doing work on the deck

  

  Business Response

  Date: 09/29/2023

  Were sorry for the initial experience youve had with the appraisal process. We understand your frustration, and we want you to know that we are firmly committed to supporting our homeowners. Our ultimate aim is to ensure that the process is not only fair but also as smooth and hassle-free as possible because when homeowners succeed, we succeed. We understand members of our team have been in contact with you and have found a positive solution to move forward. 

• Initial Complaint

  Date:12/08/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Hometap uses deceitful verbiage to invest in home equity for a 1.5 year advance of 30% of a home value. After 1.5 yr to repay advancement of funds, company requests 50% of the value of the home. Elderly customers forced into late night rushed signing of confusing contracts, then were required to sign more documents 9 months later, conveniently adding the 50% payment disclosure, not in the original contract. Refuses to release lean on home for sale until 50% payment provide to them. Taking advantage and causing major stress on 2 elderly (80+y) customers.

  

  Business Response

  Date: 12/14/2022

  Hi *******, we're sorry to hear you feel Hometap has caused stress to Homeowners currently invested with us. It's our understanding that senior members of our team are currently working to resolve this with the Homeowners. We can confirm that at the original signing all of the important details were fully disclosed to the Homeowners. Please reach out to ******************************** with any further questions or concerns.
  
  

• Initial Complaint

  Date:10/19/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have applied for home investment loan after the first situation where I was given appointments with **** for phone time and he didn't show up. After numerous times of this I wrote to the **** after a period of time **** called and then I started getting help and assistance, a little pushy like calling 3 times a day, texting etc. but i let it slide then things started to happen again, not returning calls asking for extra information like replacement cost on home owners policy which I was told the home owners was not required. Then unreturned calls, promises of being called on a certain day never happening. When finally an appraisal was set up I thought, finally. Ha more and more time waiting, ********************* is my "contact " tells me the appraisal company felt the house was incomplete which they should have been told,so they had to appraise it as is, more time passes, more calls lied about,more excuses. Finally the appraisal comes, *******, now **** says his team thinks the appraisal company lied so they are going to check it out, more time more calls lied about. Then when I threatened to call an leave a bad review **** says the property tax is late. I proved it was not until January 2023. More waiting more calls lied about,finally to speed it up I paid the tax bill by credit card. I texted him to let him know, He said he would look at it. No communication yet and its now Wednesday. This whole time **** knew I was finishing the house to sell and repay in a year which meant less profit, but with the appraisal it meant a higher loan .It is like they are trying to drive me away. I have been discriminated against made to provide more personal info then necessary. He has dragged this thing out and just made excuse after excuse. They are suppose to provide investment money from equity and **** has tried to minimize the house, purposely drag things out leave me hanging and he enjoys it when he knows I am upset. I want my investment money now and with all the hassle no fees.

  

  Business Response

  Date: 10/26/2022

  *******, we apologize for the lack of communication upon your initial inquiry. **** was being transitioned into the Investment Manager role during this time and we're working to improve this process to avoid this issue in the future. The appraisal took longer than usual due to the location of the home. After reviewing this situation, it's our understanding that *********;always takes the information that comes in from his operations partners and relays that accordingly and accurately. Lastly, **** was not made aware of certain information that was important for the appraisal process. We're sorry that your experience has been frustrating. Please reach out to us at ******************************** with any further questions or concerns.