Unlock gives homeowners a portion of their home's current value as a lump sum. When the agreement ends, the homeowner pays Unlock an agreed percentage of the home's value at that time. There's no interest and no monthly bill. Instead, the cost depends on how much the property appreciates.
As an illustration, Unlock's own example shows a $600,000 home receiving about $60,000, or 10% of its appraised value. Unlock's percentage of the value at the end of the agreement is higher than the percentage you receive upfront, and the exact figure is set out in your individual offer.
The agreement runs for 10 years. During that time, homeowners can settle in several ways:
If none of these happens before the 10 years are up, the agreement must be settled at the end of the term.
Because Unlock doesn't base its offers on income, it may suit homeowners who have built up significant equity but have limited or irregular earnings, such as retirees or self-employed people. The 500 minimum credit score also opens the door to borrowers who might not qualify for a home equity loan or HELOC. However, you'll need at least 30% equity in your home, so recent buyers with small down payments are unlikely to qualify.
Unlock's flagship product is its home equity agreement (HEA), a lump-sum payment in exchange for a share of your home's value at the end of the agreement. Key features and requirements include:
Eligible properties include single-family homes, condos, townhomes and 2–4 unit properties. These can be primary residences, second homes or rentals, though rentals usually receive less favorable pricing. Co-ops, TIC properties, raw land, mobile homes and manufactured homes aren't eligible.
Applicants can't have had a bankruptcy, foreclosure, short sale or deed in lieu of foreclosure in the past five years. The property must also be in reasonable condition.
The process starts online. You enter your address and contact details to see whether you prequalify, which takes under two minutes. From there, you create an account and complete the application, providing details such as your mortgage balance, how the property is used, and any other liens. Unlock runs a soft credit check, which doesn't affect your credit score.
Once your application is reviewed, Unlock sends estimated terms and schedules a required call to walk you through how the agreement works. If you decide to go ahead, Unlock orders an appraisal, an inspection and a title report. You then receive a closing statement with your final terms. The notary signing takes place at least three days after you sign that statement, which gives you time to reconsider.
Completing the application usually takes around 15 minutes. The full process typically takes 30 to 60 days, depending mostly on how quickly the appraisal and inspection are scheduled.
You'll usually need to provide:
Unlock currently operates in the following 26 states:
Alabama, Arizona, California, Florida, Hawaii, Idaho, Indiana, Kentucky, Michigan, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Vermont, Virginia, Wisconsin and Wyoming.
Unlock's agreements have a 10-year term. There's no interest rate. Instead, you pay Unlock its agreed share of your home's value when you settle. If your home rises in value, you'll pay more, and if it falls, Unlock's share generally falls too. The 19.9% annual cap limits your cost if values climb quickly or you settle early.
By the end of the term, you'll need to sell the home or buy out Unlock's share. You can make partial buyouts along the way to reduce what you owe at the end.
You can reach Unlock by phone or email.
Call: 1-800-560-3450, Monday–Friday, 9 AM to 8 PM ET
Email: hello@unlock.com
If you want to tap your home equity without adding a monthly payment, an Unlock home equity agreement can be a flexible alternative to a loan. Its low credit threshold and lack of income verification make it accessible to many homeowners. The trade-off is that you'll give up part of your home's value at the end of the agreement, which can be costly if the property appreciates strongly. Before signing, make sure you have a clear plan for settling the agreement. The funds, potentially up to $500,000, can then be used for goals such as paying down debt, renovating or making a major purchase.
1230 W. Washington Street, Suite 310
Tempe, AZ 85288
TThis review was compiled using information on the company's website.
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.
