华尔街越来越多地投入房屋权益投资，或称 HEIs，这类合约让屋主先拿到现金，作为交换，未来房价升值的一部分则归投资方所有。这个市场之所以快速成长，是因为美国约有 34 兆美元被锁在住房里，而较高的房贷利率也让传统借贷变得更困难。文章聚焦于佛罗里达州杰克逊维尔的 Marian Hoag，她以 65,000 美元买下一间房子，看著其价值在约 10 年内翻了三倍，之后签下 Hometap 合约，如今感觉它带来的成本比帮助还多。
根据 Forecasa 的数据，该产业已从 2020 年的 131 个都会区扩展到去年的 485 个，而 4 家最大的 HEI 公司在 2025 年发行了 25 亿美元的合约，较 2024 年增加 80%。Blue Owl Capital 计划再投入 25 亿美元，并在 2024 年向 Splitero 承诺 3.5 亿美元，同时像 Fortress、Carlyle、Bain 和 Kingsbridge 等投资者也都支持这个资产类别。Hoag 以一处估价 107,000 美元的房子换得 18,600 美元净预付款，起初她预期 1 年后结算约 4,000 美元、2 年后约 8,000 美元，但在 Covid 相关的工作损失之后，她现在大约欠 60,000 美元。
支持者表示，HEIs 能为无法取得或维持传统房屋净值贷款的人，提供医疗费用、学费或信用卡还款所需的流动性，而且有些合约将每年的还款成长上限设在约 16% 到 20%。批评者，包括 Consumer Financial Protection Bureau、州检察长以及 National Consumer Law Center，警告其真实成本不透明，且可能类似掠夺性房贷；缅因州现在要求揭露 APR、提供法律代表，并让投资者对发起机构违规负责。对投资者而言，财务回报相当可观：Kingsbridge 表示，自 2016 年以来已投资超过 2 亿美元，并获得约 11% 的年化报酬，而 DBRS Morningstar 对 2,700 份 Point 合约的审查发现，超过 98% 产生了正向投资者回报，即使屋主最后可能欠下远高于最初预付款的金额，并可能在 2029 年或到期时面临被迫出售。
Wall Street is increasingly buying into home equity investments, or HEIs, contracts that give homeowners cash upfront in exchange for a share of future home-price appreciation. The market is growing fast because Americans have about $34 trillion tied up in housing, while higher mortgage rates have made traditional borrowing harder. The article centers on Marian Hoag in Jacksonville, Florida, who bought a home for $65,000, watched its value triple over about 10 years, and then signed a Hometap contract that now feels more costly than helpful.
The industry has expanded from 131 metro areas in 2020 to 485 last year, according to Forecasa, and the 4 largest HEI firms originated $2.5 billion in contracts in 2025, up 80% from 2024. Blue Owl Capital plans to deploy $2.5 billion more, and also committed $350 million to Splitero in 2024, while investors such as Fortress, Carlyle, Bain, and Kingsbridge have backed the asset class. Hoag took an $18,600 net advance against a home appraised at $107,000, initially expecting a settlement of about $4,000 after 1 year and $8,000 after 2, but after Covid-related work losses she now owes about $60,000.
Supporters say HEIs provide liquidity for medical bills, tuition, or credit-card paydown to people who cannot qualify for or sustain a traditional home equity loan, and some contracts cap annual payback growth at about 16% to 20%. Critics, including the Consumer Financial Protection Bureau, state attorneys general, and the National Consumer Law Center, warn that the true cost is opaque and can resemble a predatory mortgage; Maine now requires APR disclosure, legal representation, and investor liability for originator violations. The financial upside for investors is strong: Kingsbridge says it has invested more than $200 million since 2016 and earned about 11% annualized returns, while a DBRS Morningstar review of 2,700 Point contracts found more than 98% produced positive investor returns, even though homeowners can end up owing far more than the original advance and may face forced sale by 2029 or at maturity.