Home equity investment platform Hometap recently announced that its home equity product is now available to qualified homeowners in Massachusetts, giving them access to cash for equity they have accumulated without getting a loan. This “equity sharing” service is the solution to unmet needs for homeowners who want to capitalize on their assets without taking out monthly payments, the Boston Globe notes.

“Millions of homeowners are the exact definition of house rich and cash poor,” said Jeffrey Glass, CEO of Hometap. “Many of us are sitting on hundreds of thousands of dollars of equity in our home while we wait on other financial goals, ranging from paying off debt, to helping our kids go to college, to taking that dream vacation. At Hometap, we want to give people a new option: a debt-free choice that lets homeowners access their equity now with less risk to their future.”

After filling out an investment inquiry and opening an account online, homeowners will be provided with an estimated investment amount, usually between 10 to 20 percent of the home’s value.

But, there are downsides, as noted by the Boston Globe. Some leaders in the industry suggest that equity sharing could provide an end-run around the tight lending standards put in place after the 2008 mortgage collapse. “When you’re dealing with primary residences, that’s a situation that could have potential lifetime repercussions,” said Scott B. Astrada, director of federal advocacy for the Center for Responsible Lending. “Some of the models I’ve seen raise a lot of questions and concerns that we don’t have answers to yet — and I don’t think anyone does.”

In other real estate news:

• Mortgage Network Inc. recently announced the addition of Jack Flynn as a loan officer in its Providence, Rhode Island branch. With nearly 20 years of experience under his belt, U.S. Army veteran Flynn will serve the greater Boston and Rhode Island area. “We’re happy to add an experienced and dedicated mortgage professional like Jack to our New England team,” said Jesse Kenner, Mortgage Network’s Providence, R.I. Branch Manager. “We’re confident he will be a valuable part of our continued growth and success.”
• The final designs for the redevelopment of Quincy Medical Center are set to be revealed soon. As the campus will hold hundreds of residents, representatives of FoxRock Properties have been meeting with residents surrounding the area to create a plan that pleases everyone. “It will be nothing high rise, nothing with incredible density,” she said. “They are trying to keep with the aesthetic realm of the neighborhood, which is a lot of single-family homes. They are trying to fit in with that.”
• The luxury condominium tower currently home to Atlantic Beer Garden and Whiskey Priest will soon be branded The St. Regis Residences, Boston. A luxury brand of Marriott International Inc., this Seaport tower is the second St. Regis standalone residential property announced. “Boston is a dynamic residential market and perfect for the modern glamour of St. Regis-branded residences,” said Dana Jacobsohn, Marriott’s vice president of global mixed-use development, in a statement. “We’re excited to add The St. Regis Residences, Boston to our growing portfolio of branded residential projects around the world.”