The Attorney General of Massachusetts has filed suit against home equity contract provider Hometap, alleging that the company “pervasively and systematically violated the state’s consumer protection laws, including mortgage and foreclosure prevention laws, putting financially vulnerable homeowners at high risk of losing their homes.”

The suit goes on to claim that Hometap’s primary product offerings — which give the company a share of a client’s future home value in exchange for what it calls “debt-free cash” — constitutes an offer of “illegal reverse mortgages that fail to comply with state consumer protection details ⇒

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