Unison Reviews

The Unison Agreement has its place in today's home financing tools. We had a Unison Agreement in 2007. Looking back we should have paid it off around 2015-2016 when we came into some money. Unfortunately we did not since "it wasn't costing us anything". Our home value in 2015 was about the same as it was in 2007. By 2024 though, our home value had doubled, and the Unison deal took a big chunk out of our net sales proceeds. As well, If you take a Unison Agreement know that you will have a very, very, very difficult time refinancing your home. Unison likes to tell you you have refi options - and you actually do - providing that you like a 4-5% higher rate than market or a really terrible ARM product. Their exit process is legendary for its difficulty and poor service - another reason to think twice about getting a Unison Agreement compared to other options available today.

Worst company ever. Predatory lenders. We got trapped in this in 2011 very soon after purchasing our home in 2010. We needed a small amount of money to get out of a debt that needed to be paid with no equity, we sought out other sources. We signed with Unison for a modest 32,000 loan. Little did we know that they would have a lien on the home that would keep us from refinancing in 2024.

Unison is terrible. We wanted to buy them out after just 4 and Half years. They sent an appraiser to do the valuation after they lowballed it on the original one and when he didn't come to the number they thought they should get even though they more than double the money that I borrowed. They said they would have to do another appraisal. Appraiser shopping. They are parasites and you should never use this service. Find any other way to get out of the situation that you only think you are trapped in. They make it worse....way worse.

I am so sorry I entered this agreement... I need to refinance my house, and I can't. I have a limit on what I can refinance to. If I want to have a special termination agreement, I have to pay them $130,000 to close it... I borrowed $52,000. Now I am so sorry... I feel like it's a Loan Shark type of situation. I wish I wasn't so ignorant.

At the time of joining, this program seemed like a dream. Unfortunately, the smoke has cleared a bit and the dream is not at all what it initially was. The company says it works with “most banks and lenders” and “contact for list of companies”, but I have been given only one option who does not even offer home equity loans. Banks who will subordinate still will not take Unison‘s subordination agreement because of the legal writing within the Unison contract. This has been a disaster and speaking with someone who actually understands the process and contract has been a challenge. I very much wish I had sought a personal loan or traditional home equity loan from the beginning.

I have tried with 4 lenders and credit unions to take out a $50k home equity loan and have been rejected by all only because of the Unison Agreement. Unison tells you they will subordinate to 3rd position but still no banks will lend because of Unison's ownership interest and equity stake. Unison even sent me some lenders who supposedly have worked with them in the past and when I spoke with one of them he told me that the only way it used to work is if Unison removes their lien and puts it back on street the homeowner gets their loan. l, and now they have stopped doing it.

Updated on 1/29/24: Numerous lawyers, lobbyists, and legislators are working on a bill that would change legislation to stop allowing companies like Unison to take so much of people’s equity in their home. Unison will try to sell you on the benefits, but don’t be fooled, no one wins except them. It’s robbery. Pure and simple.

I have over $400,000 in documented equity. I was rejected due to having too little equity. I don't understand how this company decides to work with you, if at all. And they gave me no opportunity to appeal. Stay away

Unison representatives start by telling you how great their program is. When you try and buy yourself out they give you the run around, block your emails, and charge you more than double what they gave.

Anonymous. Would not recommend. Very slow to communicate, and they denied my application despite perfect credit because they said the appraisal “was too high”. The appraisal was actually undervaluing the property as is common with appraisers being conservative. I offered to provide comps but they failed to respond to multiple emails. Bottom line is that Unison is going to turn down your application unless the appraisal is a joke -- i.e. unless it's an absolutely terrible deal for the homeowner. This company should be investigated.