Introducing Hitch HELOC: The Easiest Way for Homeowners to Access Liquidity In their Home Equity

AUSTIN, TX - December 1, 2022 - Hitch, a financial technology startup, today launched Hitch HELOC, a digital home equity line of credit platform. The new platform was built from the ground up to give homeowners access to their home’s equity in under 5 minutes. Hitch HELOC gives its users maximum flexibility and financial security during a period of economic uncertainty and fast-rising mortgage rates. Homeowners can apply now at: usehitch.com

The Problem: Skyrocketing Mortgage Rates Locking Americans Out of Their Home Equity

Over the last decade, homeowners have typically refinanced their mortgages to access home equity. However, most homeowners refinanced in 2021 at a rate below 3%. As interest rates skyrocket above 6%, it’s becoming increasingly costly for homeowners to refinance their mortgages to access the equity they’ve built. HELOCs have re-emerged as an alternative way for homeowners to tap into the massive savings they’ve put into their houses. Unfortunately, most HELOC programs offered by big banks are opaque and complicated, oftentimes taking 66 on average days to get approval according to the Mortgage Bankers Association.

“The average American has more than 70% of their net worth tied up in the equity of their house,” explained William Schoeffler, CEO and Founder of Hitch. “That is money they’ve earned and saved, and we want to make it as easy as possible to access that for home improvements, debt consolidation, or whatever else they may want to use it for.”

Hitch’s Solution: Giving Homeowners Access to Their Home Equity in Under 5 Minutes

Hitch’s HELOC was built from the ground up to be as easy and transparent as possible. With just a few taps, Hitch users can access up to 90% of the equity locked in their home, all while keeping their mortgage rate locked in. In fact, the Hitch HELOC will be the lowest interest rate loan homeowners have outside of their locked-in mortgage rate.

“The real estate industry is evolving towards rapid, transparent, and digital transactions and changing models of ownership,” explained Pete Flint, General Partner at NFX, Hitch’s largest investor. “HITCH HELOC is the perfect example of this by giving homeowners access to their equity in a streamlined and transparent process and right now consumers are seeking out exactly this kind of product.

To use Hitch HELOC, customers simply need to enter their property address, fill in their mortgage details, and then receive an offer on their line of credit. Once approved, users can access their funds in under 3 days. To learn more or use Hitch HELOC, please visit https://www.usehitch.com/

About Hitch

Hitch is a digital home equity line of credit – or HELOC – provider and long-term partner in strengthening consumers’ financial health. Hitch’s platform cuts out unnecessary red tape and allows consumers to access the value in their homes to continue to increase their financial security. The company is backed by NFX, Global Founders Capital, and other leading investors. For more information, please visit https://www.usehitch.com/

Contact Information

Riley Munks

Media Contact

Hitch

riley@nfx.com