Market size
The largest providers
Who uses them
Typical contract terms
Rated HEI securitizations, 2025–2026
Every home equity investment securitization rated by Morningstar DBRS from January 2025 through October 2026, the source for our counts above. Contract counts and the HEI-to-value ratio are as published in each rating announcement; the October 2026 deals were provisional ratings.
| Deal | Provider | Rating announced | Contracts | HEI as % of home value |
|---|---|---|---|---|
| HTAP Issuer Trust 2025-1 | Hometap | Mar 6, 2025 | 2,500 | 18.03% |
| Point Securitization Trust 2025-1 | Point | May 12, 2025 | 2,141 | 15.89% |
| SOLVE 2025-HEC1 | Not named | Jun 18, 2025 | 989 | 18.47% |
| Unlock HEA Trust 2025-1 | Unlock | Jun 20, 2025 | 2,149 | 20.89% |
| HTAP Issuer Trust 2025-2 | Hometap | Aug 21, 2025 | 2,612 | 18.07% |
| Point Securitization Trust 2025-2 | Point | Oct 9, 2025 | 2,988 | 17.52% |
| Unlock HEA Trust 2025-2 | Unlock | Nov 5, 2025 | 2,276 | 20.89% |
| Splitero Trust 2025-1 | Splitero | Nov 14, 2025 | 2,193 | 20.38% |
| Unlock HEA Trust 2025-3 | Unlock | Dec 4, 2025 | 3,825 | 20.91% |
| HTAP Issuer Trust 2025-3 | Hometap | Dec 15, 2025 | 1,692 | 18.33% |
| Point Securitization Trust 2026-1 | Point | Feb 3, 2026 | 3,818 | 16.55% |
| Unison Trust 2026-1 | Unison | Feb 6, 2026 | 849 | 15.84% |
| Splitero Trust 2026-1 | Splitero | May 14, 2026 | 2,246 | 20.91% |
| Unlock HEA Trust 2026-1 | Unlock | May 15, 2026 | 3,546 | 21.00% |
| Unison Trust 2026-2 | Unison | Jun 16, 2026 | 1,294 | 15.80% |
| Point Securitization Trust 2026-2 | Point | Jun 25, 2026 | 4,464 | 17.01% |
| Unlock HEA Trust 2026-2 | Unlock | Oct 9, 2026 | 4,474 | 20.2% |
| HTAP Issuer Trust 2026-1 | Hometap | Oct 16, 2026 | 2,664 | 18.53% |
Providers re-package older contracts into new deals, so a contract can appear in more than one deal: these are contracts in deals, not separate homeowners.
What they cost: our analysis
Six providers publish enough to model: Point, Hometap, Unlock, Unison, Splitero, and CHEIFS. Example: $100,000 on a $750,000 home with a $300,000 mortgage.
Yearly cost is measured on the cash you actually receive, after the provider's fee and about $1,500 of closing costs. Measured on the full investment instead, it's lower: in our standard example ($100,000 on a $750,000 home, 4% yearly growth, 7 years), Hometap is 13.1% a year instead of 14.1%.
The full analysis, with charts and downloadable data, is in the 2026 study. Why HELOCs get turned down: HELOC denial data.
Quick answers
How big is the home equity investment market?
The CFPB estimated it at $2 billion to $3 billion in its January 2025 report.
How many home equity investments have been made?
The three largest companies (Point, Hometap, and Unlock) had originated more than 54,000 contracts from 2015 through June 2025, according to the Urban Institute. Since then, Point reports 30,000 homeowners funded (October 2026) and Hometap more than 22,000 (December 2025).
What does a home equity investment typically cost?
Using the published terms of the six providers we can model, for a $100,000 investment on a $750,000 home, we estimate an effective yearly cost of 13.7%–15.9% at 4% annual appreciation over 7 years, and 3.5%–13.0% with no appreciation.
How many states regulate home equity investments?
We've confirmed HEI-specific laws or rules in effect in 4 states (Connecticut, Illinois, Maine, Maryland), plus attorney general actions in Colorado, Massachusetts, Minnesota. See the regulatory tracker.