Hometap

Fintech Hometap Announces Exec Appointments

Posted on by TMN Editor
Fintech Hometap made two exec-level appointments geared towards leveraging capital markets, the company announced in a press release. Cara Newman has joined the company as Head of Structured Finance, while Josh Gaffney has been named General Counsel. Both will report to CEO and co-founder Jeffrey Glass. “I’m thrilled to welcome Josh Gaffney and Cara Newman to our team,” said Hometap Cofounder and CEO Jeffrey Glass. “Drawing upon their guidance, I am confident that we will deliver even more value to our partners, investors, and stakeholders while always driving positive impact for homeowners and their families across the country.” Newman comes to the company from Redwood Trust, Inc., a residential mortgage credit company where she served as Managing Director and Head…

Millennials At Risk Of Becoming House-Rich, Cash-Poor

Posted on by TMN Editor
Millennials spend more of their monthly income on homeownership costs than other generations and are at the greatest risk of becoming house-rich and cash-poor, according to a new study from Hometap. The study, a survey of 1,000 US homeowners, found that 83% of millennials carry at least some debt, compared to 72% of baby boomers.  Of everyone surveyed, 47% were negatively impacted by the pandemic, and 77% carried some debt. More than a quarter of all homeowners say they plan to tighten their budgets until their debts are paid. But as homeownership costs rise, paying down the debts may become increasingly difficult. Hometap found that 52% of homeowners spend at least 16% of their monthly income on mortgages, and 46%…