What are the best alternatives to Hometap in states where it's not available?

Best alternatives in non-Hometap states: (1) HELOC - flexible credit line, 7.50-10.0% variable rate (avg 8.31%), $625-900/month payment on $100K. (2) Home Equity Loan - fixed rate 6.69-10.5%, lump sum, $777-985/month payment. (3) Cash-Out Refinance - replace mortgage, 6.5-7% fixed, good if current rate is above 6%. (4) Personal Loans - no collateral, 10-15% rate, $2K-3K/month on $100K. Best option depends on your mortgage rate, credit score, and timeline.

Is Hometap coming to more states in 2026?

Hometap expanded to 26 states in 2026, including Delaware, Georgia, Idaho, Montana, and Tennessee. If you're in a non-Hometap state (like Texas, Illinois, Minnesota, Washington, Colorado, Massachusetts), your best options are: HELOC (if you have 680+ credit), home equity loan (if you want fixed rate), or cash-out refinance (if your rate is above 6%). Check back regularly for Hometap expansion updates.

Which home equity option has the lowest monthly payment?

Hometap has no monthly payments for up to 10 years (available in 26 states), since it's an investment rather than a loan. For non-Hometap states: HELOC has interest-only payments ($625-900/month on $100K), home equity loan has full P&I payments ($777-985/month), cash-out refinance increases your mortgage payment ($200-600/month more).

What's the best home equity option if I have bad credit?

Best options by credit score: 575-619 FICO: Hometap (if in available state), FHA cash-out refinance (580+ FICO), or personal loans. 620-679 FICO: Conventional cash-out refinance, FHA streamline, or home equity loan. 680+ FICO: HELOC, conventional cash-out, or Hometap. Hometap has one of the lowest credit requirements (575, among other criteria) among home equity options.

Home Equity Options for 2026: 5 Ways to Get Cash With $0 Monthly Payments

Q: What states is Hometap available in?

Hometap is available in 26 states: Alabama (AL), Arizona (AZ), California (CA), Delaware (DE), Florida (FL), Georgia (GA), Idaho (ID), Indiana (IN), Kentucky (KY), Michigan (MI), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV), New Jersey (NJ), New Mexico (NM), New York (NY), North Carolina (NC), Ohio (OH), Oregon (OR), Pennsylvania (PA), South Carolina (SC), Tennessee (TN), Utah (UT), Virginia (VA), and Wisconsin (WI). Hometap offers up to $600K in home equity with $0 monthly payments for 10 years. Minimum credit score is 575, among other criteria, and minimum equity required is 25%.

Hometap Availability: 26 States (November 2026)

Hometap is currently available in these 26 states:

✅ Hometap Available States

🎸 Alabama (AL)

🌵 Arizona (AZ)

🌴 California (CA)

🇺 Delaware (DE)

Florida (FL)

Georgia (GA)

Idaho (ID)

Indiana (IN)

Kentucky (KY)

Michigan (MI)

Missouri (MO)

Montana (MT)

Nebraska (NE)

New Mexico (NM)

New Jersey (NJ)

North Carolina (NC)

Ohio (OH)

Oregon (OR)

Pennsylvania (PA)

South Carolina (SC)

Tennessee (TN)

Utah (UT)

Virginia (VA)

Wisconsin (WI)

If you're in one of these states: Get your commitment-free Hometap quote for no monthly payments and up to $600K access.

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$0 monthly payments • Up to $600K • Settle within 10 years

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575 FICO, among other criteria • 25% equity required

Best Alternatives for Non-Hometap States (24 States)

If Hometap isn't available in your state, here are the best alternatives:

1. HELOC (Home Equity Line of Credit)

Best for: Homeowners who need flexible access to funds and can handle monthly payments.

Pros:

✅ Flexible draw and repay
✅ Interest-only payments available
✅ Low/no closing costs ($0-500)
✅ Fast funding (7-21 days)
✅ Available in all 50 states

Cons:

❌ Monthly payments required ($625-900/mo on $100K)
❌ Variable rate (7.50-10.0%, avg 8.31%)
❌ Income verification required
❌ 680+ credit score needed
❌ Total cost: $75K-108K over 10 years

Compare HELOC Rates →

2. Home Equity Loan (Fixed Rate)

Best for: Homeowners who want a fixed rate and lump sum payment.

Pros:

✅ Fixed rate (6.69-10.5%)
✅ Predictable monthly payment
✅ Lump sum at closing
✅ Available in all 50 states

Cons:

❌ Monthly payments ($777-985/mo on $100K)
❌ Closing costs ($2K-5K)
❌ Income verification required
❌ 680+ credit score needed

3. Cash-Out Refinance

Best for: Homeowners with mortgage rates above 6% who want to consolidate debt.

Pros:

✅ Fixed rate (6.5-7%)
✅ One simple payment
✅ Large amounts available
✅ Available in all 50 states

Cons:

❌ Replaces your entire mortgage
❌ Lose your low rate (if under 5%)
❌ High closing costs ($10K-14K)
❌ Slow process (45-60 days)

Compare Refinance Rates →

4. Personal Loans (No Collateral)

Best for: Homeowners who need quick cash and have good credit.

Pros:

✅ No collateral required
✅ Fast funding (1-7 days)
✅ Fixed rate and payment
✅ Available in all 50 states

Cons:

❌ High rates (10-15%)
❌ Lower loan amounts ($50K max typically)
❌ High monthly payments ($2K-3K on $100K)
❌ 700+ credit score needed

State-by-State Recommendations

Here are the best home equity options for major states:

🗺️ Best Options by State

Texas (TX) - Hometap NOT Available

Best option: HELOC if you have 680+ credit. Cash-out refinance if your rate is above 6%. Texas has unique home equity laws (Article XVI, Section 50) that limit cash-out refinancing to 80% LTV. Texas is the largest state where Hometap is not available.

Illinois (IL) - Hometap NOT Available

Best option: HELOC or home equity loan for Chicago-area homeowners. IL has competitive home equity loan rates and strong borrower protections.

Washington (WA) - Hometap NOT Available

Best option: HELOC for Seattle/Bellevue homeowners with high property values. Cash-out refinance if your rate is above 6%.

Colorado (CO) - Hometap NOT Available

Best option: HELOC for Denver/Boulder homeowners. Colorado has strong appreciation (5-7% annually), making HELOCs attractive for short-term needs.

Massachusetts (MA) - Hometap NOT Available

Best option: HELOC for Boston area homeowners. MA has high property values ($600K+ median in Boston), making home equity loans attractive.

🏡 In a Hometap State? Don't Miss Out

No monthly payments • Up to $600K • Simple, flexible solution

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26 states available • 575+ credit, among other criteria Dedicated Investment Manager

Comparison: Hometap vs Alternatives

Feature	Hometap	HELOC	Home Equity Loan	Cash-Out Refi
States Available	26 states	All 50 states	All 50 states	All 50 states
Monthly Payment	$0	$625-900	$777-985	+$200-600
Credit Score	575+	680+	680+	620-640+
Income / DTI Requirements	❌ No	✅ Yes	✅ Yes	✅ Yes

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FAQs: Best Home Equity Options by State

Why isn't Hometap available in all 50 states?

Hometap expanded to 26 states in 2026, including Delaware, Georgia, Idaho, Montana, and Tennessee. Each state has different laws governing home equity investments. Hometap is actively working on further expansion. Check back regularly for updates.

What's the best option if I'm in Texas?

Texas has unique home equity laws (Article XVI, Section 50) that limit cash-out refinancing to 80% LTV and require a 12-day waiting period. Best options: (1) HELOC if you have 680+ credit and need flexible access, (2) Home equity loan if you want a fixed rate, (3) Cash-out refinance if your current rate is above 6%. Texas homeowners should compare all three options.

Can I get a home equity investment in states where Hometap isn't available?

Hometap is currently the largest home equity investment provider in the US, available in 26 states. If you're in a non-Hometap state, your best alternatives are: HELOC (flexible, variable rate), home equity loan (fixed rate, lump sum), or cash-out refinance (replace entire mortgage). Other HEI providers like Point and Unlock may be available in some states where Hometap is not.

Ready to Access Your Home Equity?

In a Hometap state? Get no monthly payments and up to $600K.
In another state? We'll help you find the best alternative.

See If You Prequalify →

✅ 26 states available • ✅ 575+ credit, among other criteria
✅ No monthly payments for up to 10 years • ✅ Up to $600K

⚠️ Important State-Specific Considerations

Home equity options vary significantly by state due to different regulations, tax laws, and market conditions. Always check: (1) State-specific home equity laws and protections, (2) Property tax implications, (3) Homestead exemption rules, (4) Lender licensing and availability in your state. Consult a local financial advisor or mortgage professional for state-specific guidance before choosing a home equity option.