Unlock provides customers with a portion of their home’s current value as a lump sum. In exchange, the homeowners can repay the proceeds from the future sale of their property. In a typical transaction, Unlock will provide homeowners with 10% of their property’s current value in exchange for 18% of its future worth, although these figures may vary depending on the terms of your agreement. The agreement is set for a 10-year term, during which homeowners have three options to settle: they can conclude the agreement when they sell the home, pay off the balance in full with available cash at any time, or make partial payments throughout the term.
As Unlock’s offers aren’t based on income requirements, its services could be particularly suitable for homeowners who aren't high earners. However, you’ll typically need at least 30% equity in your home to qualify, which means Unlock may not be the right choice for those who have recently purchased their property.
Unlock offers a single service: lump-sum payments in exchange for a stake in a property’s future value. The main service features and requirements include:
In order to qualify for and receive payment from Unlock, customers are required to create an account and enter your property details (amount of mortgage debt, property usage, how the title is held, outstanding liens, etc.). After Unlock reviews the application, it issues the preliminary terms of the deal and schedules a call to confirm the details. Finally, an independent valuation of the property will take place, for you to receive a closing statement containing the final terms.
Creating an account takes around 60 seconds and approximately 30 days to complete the entire process. However, the period will vary depending on the time it takes for your appraisal and inspection to be completed.
During the application process, you’ll normally need to provide:
Be aware, Unlock currently only operates in the following states:
Arizona
California
Florida
Kentucky
Michigan
New Jersey
New Mexico
North Carolina
South Carolina
Ohio
Oregon
Utah
Tennessee
Virginia
Washington State
Unlock stipulates a 10-year term. At the end of this period, you’ll need to settle up with Unlock by selling your home or buying out its share in the property. You can make partial payments if you’d like to buy the company out earlier.
You can contact Unlock via email or phone.
Call 1-800-560-3450 Monday – Friday: 9 AM to 8 PM E and Saturday: 11 AM to 7 PM ET
Email: hello@unlock.com
If you’re keen to access the equity in your home without the burden of making monthly repayments, taking out a lump-sum agreement with Unlock could prove an innovative solution. As long as you have a strategy for settling up at the end of your agreement term, the funds you receive—potentially up to $500,000—could help you pay off existing debts or support making a major purchase.
1230 W. Washington Street, Suite 310
Tempe, AZ 85288
This review was compiled using information on the company’s website and by emailing its customer service team.
AI was used in the generation of this content, along with human verification.
FAQsKaty Ward is an insurance expert at BestMoney.com, specializing in life and home insurance. Over her 15-year career, she has worked with major financial institutions like Barclays, Tandem Bank, and Yahoo! Finance. Katy enjoys identifying complex financial trends and translating them into engaging articles.
