Are you a Florida homeowner feeling trapped by your Hometap home equity investment? With no monthly payments but a looming 10-year settlement deadline, many wonder how to exit without selling their beloved Sunshine State property. Refinancing offers a smart path to reclaim full control of your home equity, potentially locking in lower rates and avoiding Hometap’s share of future appreciation. In this SEO-optimized guide, we’ll break down the process step by step, tailored for Florida residents. Whether you’re in Miami’s vibrant beaches or Orlando’s family suburbs, you’ll learn practical tips to refinance Hometap loan Florida style—fast, affordable, and stress-free.
If you’re ready to explore options like a jumbo cash-out refinance, keep reading. And don’t forget: expert guidance can save you thousands.
What Is a Hometap Loan? Quick Breakdown for Florida Homeowners
Hometap isn’t your traditional loan—it’s a home equity investment (HEI) where you receive a lump sum (up to $600,000) in exchange for a percentage of your home’s future value. No interest accrues, and there’s zero monthly hassle, making it appealing for tapping equity without debt. But here’s the catch: After 10 years, you must settle by selling, refinancing, or buying out Hometap’s share—often 15-25% of your home’s appraised value at that time.
In Florida, where median home values hover around $400,000 (and rising in hot spots like Tampa), this can mean handing over tens of thousands if your property appreciates. Refinancing lets you pay off Hometap early, dodging that equity slice while potentially accessing more cash for renovations, debt consolidation, or that dream boat.
Pro Tip: Hometap records a lien on your property, so it must be addressed in any refinance. Florida’s lender-friendly laws make this smoother than in stricter states.
Why Refinance Out of Your Hometap Loan in Florida? Top Benefits
Exiting via refinance isn’t just an escape—it’s a financial upgrade. Here’s why Florida homeowners are rushing to refinance Hometap loan Florida:
- Lock in Lower Rates: With current mortgage rates around 6.5-7% (as of November 2025), a cash-out refinance can replace Hometap’s variable share model with fixed payments you control.
- Reclaim Full Equity: Pay Hometap off and keep 100% of your home’s growth—crucial in Florida’s booming market (up 8% year-over-year).
- Cash Flow Boost: Extract extra equity for emergencies, education, or investments without the 10-year clock ticking.
- Tax Perks: Florida has no state income tax, so refinance savings stay in your pocket. Plus, mortgage interest deductions apply if you itemize.
- Avoid Forced Sale: Settle on your terms, not Hometap’s.
Downsides? Closing costs (2-5% of loan amount) and potential rate hikes if credit dips. But for most, the long-term win outweighs it.
Step-by-Step Guide: How to Refinance and Exit Your Hometap Loan in Florida
Ready to act? Follow this actionable roadmap to refinance Hometap loan Florida efficiently. The whole process typically takes 30-45 days.
Step 1: Assess Your Eligibility and Hometap Share
- Pull your credit report (free at AnnualCreditReport.com) and aim for a 620+ score—Hometap refinances often qualify with 550+.
- Contact Hometap at [email protected] or 1-855-806-7486 to calculate your “Hometap Share” based on a quick appraisal. Expect 15-20% of current value if settling early.
- Use online calculators (like Bankrate’s refinance tool) to estimate new loan payments.
Florida Hack: Leverage no-income-verification options if self-employed—common in tourism-heavy areas.
Step 2: Shop for Lenders and Loan Types
- Compare 3-5 Florida lenders via sites like LendingTree or local brokers. Focus on cash-out refinances up to 80% loan-to-value (LTV).
- Best fits:
- Conventional Cash-Out Refi: Ideal for strong credit; max $766,550 conforming limit.
- FHA Streamline: Lower barriers if equity is tight.
- Jumbo Loans: For high-value homes in Palm Beach or Naples (over $766,550).
- Get pre-approved to strengthen your position.
Step 3: Notify Hometap and Secure Subordination (If Needed)
- If not fully settling, request subordination so Hometap stays in a junior lien (up to 3rd position). They require an in-person appraisal.
- For full exit, use refinance proceeds to buy out—no penalties!
Step 4: Apply and Close
- Submit docs: Pay stubs, tax returns, home insurance (Florida windstorm coverage required in coastal zones).
- Undergo appraisal—Florida’s humid climate means accurate roof/structural checks.
- Close at a title company; funds wire to Hometap same-day.
Timeline Tip: Start in off-peak months (like January) to avoid Florida’s hurricane-season delays.
Florida-Specific Considerations for Hometap Refinances
The Sunshine State shines for refinancing, but watch these:
- Property Taxes and Insurance: Expect escrow hikes—Florida’s homestead exemption caps increases at 3% annually.
- HOA Rules: Common in condos; ensure refinance aligns with docs.
- Flood Zones: Mandatory insurance in 30% of properties; factor into costs.
- State Regs: No usury caps on mortgages, but CFPB oversees HEIs for fairness.
Pro: Florida’s quick closings (under 30 days average) beat national norms.
Alternatives to Full Refinancing: Other Ways to Exit Hometap
Not ready for a full refi? Consider:
- HELOC Buyout: Borrow against equity to settle (rates ~8-9%).
- Home Sale: Simplest, but Florida’s hot market means quick flips.
- Cash Savings: Penalty-free if you’ve built a nest egg.
Refinancing often edges out for cost savings over time.
Call/text me today for more information (407) 630-9766
FAQ: Top Questions on Refinancing Hometap Loans in Florida
Based on top Google searches, here are answers to the most common queries:
What is a Hometap loan, and is it available in Florida?
Hometap is a non-loan equity investment offering cash for a future home value share—no payments required. Yes, it’s fully available in Florida for eligible homes (single-family, condos, 30%+ equity).
Can I refinance my mortgage with an existing Hometap investment?
Absolutely—notify Hometap early for subordination or full payoff. They won’t block if the new loan covers their share.
How much does it cost to settle a Hometap investment via refinance?
Your Hometap Share (15-25% of appraised value) plus refinance fees (2-5%). Example: On a $500K home, settle ~$75K-$125K.
What are the pros and cons of refinancing out of Hometap in Florida?
Pros: Equity control, lower rates, tax-free state. Cons: Upfront costs, appraisal risks in volatile markets.
How long does it take to refinance a Hometap loan in Florida?
30-45 days, faster than average due to streamlined state processes. Delays possible in high-demand areas like South Florida.
Should I wait to refinance my Hometap—rates are dropping?
If your Hometap term ends soon, act now. Otherwise, monitor via tools like Freddie Mac’s rate tracker.
Ready to Reclaim Your Florida Dream? Contact Jhenesis Mortgage Today
Tired of Hometap holding your equity hostage? A customized jumbo cash-out refinance or alternative solution could be your ticket to freedom—potentially saving you 20%+ on settlement costs.
Contact our team today to learn whether a jumbo cash-out refinance or alternative lending solution is right for you. With expert Florida knowledge, we’ll guide you every step.
- Office: 407-630-9766
- NMLS#: 2532705
- Website: https://jhenesismortgage.com
- Schedule Appointment: Click Here to Book – Free consultation, no obligation!
Don’t let equity slip away—call now and secure your financial future in the Sunshine State.