
About Unlock
Established in 2020, Unlock Technologies offers home equity agreements (HEAs), which are an alternative to HELOCs and home equity loans. Requirements for an HEA with Unlock are a minimum 500 FICO score and at least 30% equity in your home. Depending on your home’s current value, you can receive up to $300,000 in cash.
Overall Satisfaction Rating
- 5 stars
- 4 stars
- 3 stars
- 2 stars
- 1 stars
Pros
- Low credit score minimum
- No interest or monthly charges
- No income requirement
Cons
- Only available in 15 states
- 3.9% origination fee and other fees
Bottom Line
Unlock is a real estate investment company that specializes in HEAs. You can trade a percentage of your home's future value for cash today. Terms are typically for 10 years or when you sell your home -- whichever comes first.
Top Unlock Reviews
- 4,213,724 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
It was a really good experience with Unlock. It was pretty quick. I had an email exchange with the agent, he sent me documents, then we had the underwriter at our place all in les...
Read full reviewMy experience has been so positive. Compared to getting a regular home equity loan, on a scale of 1 to 10 with 10 being difficult, 2. That's how easy and transparent it was. When ...
Read full reviewRates
With Unlock, each homeowner has a different set of terms based on their creditworthiness and home value. Unlike purchasing a new home or refinancing, you will not have a mortgage rate to worry about. An HEA does not change your existing interest rate or monthly payments.
Your unique terms and conditions will be presented to you before you sign the application. It is important to look those over — preferably with your financial advisor. A typical agreement might have Unlock providing you 10% of your home value today in cash in exchange for 18.5% of your home value in the future. This does not include the 3.9% origination fee and third-party costs you will pay upfront.
Application process
The process to receive an HEA is different from the traditional mortgage process. Basically you exchange a percentage of your future home value for cash based on your home’s value today.
It takes about a minute to create an account with Unlock and see preliminary terms. If you choose to move forward with the process, it should take another five to 10 minutes to submit documents digitally. Depending on how long the appraisal and inspection take, you could have your cash in as little as 30 days.
Kanah, a ConsumerAffairs reviewer from Utah, said about working with Unlock: “[The rep] was very helpful, respectful, professional, and I appreciated his assistance. We communicated first through emails. Then he had a phone call with me that gave me an overview of what the services were. He then sent me information in writing in regards to when I reviewed it, got clear about what the numbers were and the expectations.”
Loan types
Unlock offers only one type of financial product: HEAs. This product allows you to tap into your home equity without needing a strong credit score. In exchange for cash, Unlock will own the right to a percentage of your home’s future value.
You are free to do whatever you want with the money received as part of your HEA. In some cases, Unlock will require you to pay off some debts when your Unlock agreement is originated.
Refinancing
Similar to refinancing, an HEA through Unlock allows you to tap into your home’s equity and use the cash for almost any need. However, unlike a mortgage refinance, an HEA does not replace your existing mortgage. A refinance loan might have stricter credit score and income requirements, but it could also cost less in the long run.
Requirements
The requirements for an HEA from Unlock are different from a mortgage loan. Applicants need to have a minimum FICO score of 500 and at least 30% equity in their property.
For individuals with credit scores between 500 and 550, other limitations apply. Applicants with a score under 550 cannot have had a bankruptcy, short sale or deed in lieu in the past five years. They must also not have a 60-day delinquency on any mortgage in the past 24 months.
If you feel like you have more house than you can afford and need help affording the monthly payments, an HEA might not be the right financial move for you.
Cost and fees
Choosing an HEA will not cost you interest or change your monthly mortgage payment. However, the process isn’t free, and there are some charges that resemble closing costs on a mortgage. Unlock charges an upfront origination fee of 3.9%, and there are other third-party fees. Unlock then shares a percentage of the future value of your home. Signing up for an HEA is a decision that will cost you money when you sell.
It is important to consider these upfront and future costs before signing the agreement. Weigh these costs against other options that might allow you to access home equity, like a cash-out refinance, a home equity loan or a home equity line of credit (HELOC).
FAQ
What is Unlock?
Unlock is a real estate investor that allows homeowners to tap into their equity without having to make monthly payments. In exchange, Unlock owns a right to share in the proceeds when you sell your home in the future.
Is Unlock legit?
Unlock is a legitimate company that offers home equity agreements in select states. It is based in New York.
Where is Unlock available?
Unlock is available in 15 states: Arizona, California, Colorado, Florida, Michigan, Minnesota, Nevada, New Jersey, North Carolina, Oregon, South Carolina, Tennessee, Utah, Virginia and Washington.
Unlock Reviews
A link has directed you to this review. Its location on this page may change next time you visit.
We're both on Social Security so we don't qualify for a home equity loan. But getting the equity agreement through Unlock was very simple. We could get the approval without payments and interest. There was no hassle. We were trying to determine what amount of money we wanted to pull out of equity based on a number of projects we wanted to do at the house. That caused a delay. They were rushing me but I wasn't ready yet. But they were flexible and they finally said, “Okay. Let us know when you're ready.” That was good. My rep Allison was very friendly and easygoing. I felt very comfortable throughout the process. All the questions they asked were answered and they didn't drag their feet.
Unlock has a great program if you can accept the 10-year limit. You have up to 10 years to keep the money without paying it back. If you haven't paid it back at the end of 10 years, you have to sell the house and then give them their percentage. At our age, we can do that. You don't pay any payments or interest, just the lump sum. It's a very easily structured program. When you're talking about that kind of money, you really ought to do your homework.
Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.
The communication was good. It was either through text or a phone call or email. And Unlock walks us through step-by-step every phase of the loan application. I put in my information. I was connected with the representative for the loan, and it was the same person. That was nice. And he handled everything up through getting the appraisal schedules.
The appraiser called me and scheduled when would be a good time. The first guy stayed in contact constantly with me to make sure that if I had any questions or make sure that I understood what the process was. And the last part of it was the mobile notary. He did his thing. He was good too. And the original guy from Unlock that I've been working with reached back out and wrapped everything up. It was seamless. Everything was exactly how we were told and what we expected. I was very pleased with the company.
Thanks so much for taking the time to leave a review. We appreciate you recognizing out team and partners for their strong customer support and communication. Thank you for the trust you've placed in Unlock.
Sincerely,The Unlock Team
We wanted to keep the house, and Unlock was the only company that guaranteed would be able to do that. Once we had the appraisal, the process was quick. It took a week before we were ready to close. Our rep was very responsive. Whenever he had updates, he was very proactive in reaching out. It was a smooth experience. It was easy to deal with Unlock. They were very transparent about the whole process.
Brie,
Thanks so much for taking the time to share your experience working with Unlock. We're so glad the process was positive and provided you with the outcome you desired. We also appreciate you recognizing the customer support you received from our team.
Sincerely,The Unlock Team
Working with the rep was fine until I needed to jump through a few more hoops to get the payment approved. I needed a signed letter from a judge and the payment had to be sent to my husband's lawyer's office as opposed to being given to me directly. That delayed things. My husband didn't have to move out until 30 days after he got the money then they gave me some funds, but they didn't want to give the majority of the funds to me to pay him out. That was a little frustrating.
Maggie,
We're sorry that you experienced delays during the funding process. We appreciate you sharing your feedback, so we can improve our practices in the future.
Thank you,The Unlock Team
The application process was simple and easy. The rep was really helpful and she explained it thoroughly to me. She returned calls the day after I would email or text her. It was a pleasant experience. Working with them has helped. If you need some capital and you don't have any other way of going about it conventional banking-wise, Unlock a good way to get some equity out of a property with a lot less hassle. I don't recall doing any bank statements or the regular banking hurdles they require you to get over to refinance or take equity out. That was pleasing. I had the equity and it's easy to get access to it.
Kohr,
Thanks for sharing your experience working with Unlock. Our to goal is to make sure our customers feel supported throughout the entire home equity agreement process. We're glad to hear you found the process easy and hassle-free. We appreciate your recommendation.
Sincerely,The Unlock Team
Unlock is good. I like the availability for them to communicate. It'd be better if they ask for all documents upfront though. The process took a little longer than normal because of that.
Richard,
Thanks for sharing your feedback. We're sorry to hear that the process took longer than expected. We'll use your input to improve our practices in the future.
Thank you,The Unlock Team
The initial person I spoke with was very informative, patient and he answered all my questions. But the follow up was not as smooth because I was unfamiliar with the new person coming on. She didn't think to know everything that was going on. The application process took almost 2 months. Because I was familiar with DocuSign and a lot of the other application things they did, that part wasn't as stressful. But when I had a questions, the response wasn't immediate. The length of time that it took could have been a lot shorter. The transitioning made me a little uncomfortable. But the overall goal was a success.
Lawanda,
Thanks for sharing your experience working with Unlock. We’re sorry to hear that you experienced communication delays during the funding process. We aim to keep our customers informed and engaged and it’s clear we fell short. We are glad to hear that you achieved your desired outcome and we’ll use your feedback to improve our process in the future.
Sincerely,The Unlock Team
The process to get equity was smooth. It was simple as long as you have the access to convert your documents to a PDF. All they needed was mortgage statements. They got the appraisal done and the money was in my account when they said it would be. The only thing is to take out 80 and owe 170 is bogus. But I'll deal with that when the time comes. 10 years doesn't warrant 110%. Other than that, my rep was a sweetheart and she was very helpful. I was impressed by the questions she was asking. She asked me questions about what mattered right then and she was on top of things. When I reached out to her, she was very quick to respond. So, in general, it was a good experience.
But I would never recommend my friends to give up their equity like I did because I don't even know if my house is gonna be worth what I owe them in 10 years. So, I wouldn't ever put any of my friends or anybody that I care about in that type of jeopardy. But it's an awesome service for anybody who's a homeowner. I suggest that they be more reasonable when it comes to their equity payback.
Kanahnee,
Thank you for taking the time to share your experience working with Unlock. We appreciate hearing about your concerns regarding our pricing model. Please keep in mind that if your house depreciates at the end of your agreement, the share you owe Unlock will also decline. Your agreement also includes an annualized cost limit that caps the cost of your home equity agreement. Whenever Unlock’s rate of return exceeds this limit (which is specified in your Investment Closing Statement), Unlock’s share of your equity is automatically reduced.
A member of our Customer Success team reached out to you to answer any questions you have. If you’d like to discuss your agreement and any pricing questions in more detail, please feel free to contact our team at 800-560-3450, option 2.
Thanks,The Unlock Team
Unlock was doing six weeks while the other ones were six months with their service. During the process, there was a little bit of a bump in the road. It was on a Friday that we had an approval quote. The lady that was supposed to get it submitted to underwriting didn't do it until Monday. During that weekend and that following day, they changed the rates for whatever reason and we ended up paying more in interest because of that. It was a substantial amount. We got upset and asked for a new associate. We didn't wanna deal with the lady anymore because she blatantly dropped the ball. We were jumping through hoops to get all the information that she wanted to get it going. We had the paperwork that needed to be submitted by Thursday. But it ended up biting us in the butt anyway and that left a bad taste in our mouths.
Unlock shouldn't submit or give quotes and not follow up. I was a little disappointed about that because nobody seemed to want to make it right. The only correction we got was we had a new associate. When I looked at the paperwork after finally signing the docs, it still showed the original associate getting the payout for establishing the loan. That was tacky. If you're gonna do it, then don't show it to me since I had a bad experience. That aside, the work was pretty much done with the new associate. Overall, it wasn't a bad experience and Unlock made things simple. It was just with the way it was handled and that nobody followed back up. I would recommend Unlock but I would definitely give a heads-up that even if you get your quote in writing, that doesn't mean crap. You have to be careful and be prepared to walk away from the loan.
Glenn,
Thanks for taking the time to share your experience working with Unlock. We researched your file and found that while your application was under review, we updated our underwriting guidelines to reduce the risk for both consumers and Unlock. As you know, those changes increased the cost of your home equity agreement. We apologize that our process wasn’t better explained and that you experienced some communication lapses while working with us. We appreciate your feedback and will use your input to improve our practices in the future.
Thank you,The Unlock Team
When I started this process, I found the it to be very pleasant. However, now I am not sure. I have spent the week trying to reach out to three different individuals within the company to determine the status of my file. I hesitate to mention their names because there may be legitimate reasons for them not returning my calls. I am wondering if the company has gone out of business. I wish that someone would return my call so I can determine if I need to use alternatives to my satisfy my financial needs.
Thank you for taking the time to share your experience with Unlock. We are sorry to hear that you had issues obtaining updates about your application over the holidays. It is our understanding that you have been in contact with your home equity consultant. We encourage you to continue reaching out to her as you work through your application process. We aim to keep our customers informed on the process, and we apologize for falling short.
Sincerely,
The Unlock Team
Unlock Company Information
- Company Name:
- Unlock
- Website:
- www.unlock.com