Hometap Awards New York Homeowner $25,000 to Make Long-Awaited Home Upgrades

The winner of Hometap's "Invested in Homeowners' Dreams" contest is finally giving his family's outdated bathrooms an eagerly-anticipated update.

BOSTON--(BUSINESS WIRE)--Today, Hometap, the Boston-based fintech company pioneering home equity investment solutions, announced that a New York homeowner has won $25,000 in its "Invested in Homeowners' Dreams" contest,” which he plans to use to renovate his family's bathrooms. Alongside the prize, Hometap is donating $25,000 to Rebuilding Together. These two commitments extend Hometap's promise to invest in more than its own homeowners, supporting the communities and causes that make homeownership better for everyone.

Homeowners entered Hometap's 'Invested in Homeowners' Dreams' contest through street interviews in Los Angeles, Miami, and New York. They shared their stories on camera, reflecting on what homeownership as part of the American Dream means to them today and explaining what they'd do with $25,000 to reinvest in the homes they own. The contest builds on a national survey Hometap conducted earlier this summer that explored similar themes.

New York homeowner Michael Phillips was selected to receive Hometap's $25,000 prize:

“This is the home that we brought our first child into, and [we] have had so many memories here building our family," said Phillips. “As our family grows, we will be able to use this money to make the upgrades that we always wanted to do but could never afford, such as replacing our 1980s bathtubs.”

Beyond the homeowner prize, Hometap made a second commitment. A $25,000 donation will go to Rebuilding Together, a national nonprofit that helps people make critical repairs so they can safely remain in the homes they love. The organization is part of Hometap's newly launched Homeowner Giving Program. Through the program, Hometap will let homeowners, after receiving their investment funds, direct a charitable donation to a cause of their choosing that supports either housing stability or financial confidence.

“Homeownership has always been the foundation of financial stability in this country, and that foundation is under more pressure than ever," said Dan Amato, Executive Vice President of Sales and Operations at Hometap. "Being invested in homeowners means supporting homeowners in a way that helps ease that pressure. This campaign, the donation, and our new giving program are all the same commitment: showing up for homeowners in real, tangible ways.”

Learn more about the contest and what homeowners across the country had to say about the homeownership dream here.

About Hometap

Founded in 2017, Hometap is a Boston-based fintech company on a mission to make homeownership less stressful and more accessible. Starting with its industry-leading home equity investment product, the company has helped over 26,000 homeowners across the U.S. access their home equity without taking on additional monthly payments or selling their home. Hometap expanded its suite of innovative financial products and services in 2022, introducing a centralized dashboard that enables homeowners to easily track their home equity, receive guidance and support from experts, and protect and grow the value of their home. Learn more at hometap.com.