Boston-based home equity investment (HEI) provider Hometap is facing multiple lawsuits from customers claiming that the company has violated the Truth in Lending Act (TILA) and is promoting a “predatory and abusive mortgage loan product.”

The latest class-action suit, filed June 23 by plaintiff Marlene Crawford, a Hometap customer and resident of California, accuses the company of violating TILA and engaging in unlawful, deceptive and unfair business practices.

The lawsuits allege Hometap improperly structured its home equity investment contracts as “Option Purchase Agreements” to avoid federal and state mortgage lending laws. The details ⇒

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