Unlock
AUTHORIZED PARTNER

Unlock

 4.4/5 (13 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars
Saved
Unlock
Author picture
Written by Ashley Eneriz
Edited by Jana Lynch

About Unlock

Established in 2021, 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 $500,000 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

Why Trust ConsumerAffairs
How do I know I can trust these reviews about Unlock?
  • 4,114,551 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.

Rated with 5 stars
Verified

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 review
Rated with 5 stars
Verified

My 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 review

Rates

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 San Francisco.

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

Top reviews
  • Top reviews
  • Recent
  • Oldest
  • Most helpful
Any
  • Any
  • Rated with 5 stars
  • Rated with 4 stars
  • Rated with 3 stars
  • Rated with 2 stars
  • Rated with 1 star

A link has directed you to this review. Its location on this page may change next time you visit.

1 featured review
How do I know I can trust these reviews about Unlock?
How do I know I can trust these reviews about Unlock?
  • 4,114,551 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.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Dec. 22, 2021

We filled out the application on October 20th, and it was funded December 14th. It got delayed a week because I didn't understand that my wife needed to sign the docs as well. But the one rep that we worked with, Leah, was fantastic. She was very professional along the way. I like that part of it. Joey got back to me right away and took the time to answer the million questions I had.

Unlock could shorten the underwriting. That was the part that took a long time. Also, they send out to third party appraisers for the loan valuation. Even though I know it's a unique property, I was still a little unhappy with the way that part went. The appraisal came in lower than we thought, which is not totally surprising because the property we have is kind of a unique one. But going through how it was going to work on the back end was critical because I thought if the property appraised low then and I sell it in a few years and it's substantially more, that could end up being very costly. Going over the safeguards of it, not going too high or too low, was an important decision-making process. Leah walked me through it and was patient with me while I did the math.

What I didn't like about the application process didn't have to do with the application itself, it had to do with going back to the website and looking at the details because the website wants you to start the application process again when you go back to look at the details. All I wanted was to go back, look at the numbers and calculate the numbers.

9 people found this review helpful

Not sure how to choose?

Get buying tips about Mortgage Lenders delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 15, 2021

    My 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 I got the pre-approval, I had an attorney look it over. But the application itself was very simple. The rep, Jameson, was the best. I ran him through the wringer because I am an informed consumer. I've bought and sold a couple of properties. I just told him upfront, “If this is a scam, you got the wrong person. You will not get a dime.” He just listened and kept presenting himself in such a transparent, reputable manner. I called him 50 times asking the same question in a hundred different ways, and he answered. He sent me documentation. Where he didn't have the answer, he reached out. And just the fact that he answered, whether it was through text, email, or voice call, he found a way. I always got a response.

    The rates were reasonable. You have to look at what you're getting. You’re getting a lump sum of money that you're not paying interest on. You're not making monthly. But what gets me about the whole refinance thing is the monthly payments. You can get a home equity loan, but now you've got monthly payments. So it's catch-22. I got my money within 24 hours after we did the closing papers. This is for 10 years. So, what else is there in life that gives you that kind of peace of mind? I have to keep up the property. Maintain the agreements that I signed for. But the bottom line is, I got my $70,000, and I moved on with my life the next day. You can't beat this.

    14 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 13, 2021

    Unlock explained everything to me. They told me how the process works. What I am doing is I'm borrowing against the equity that’s in my home. When I take the loan out, I have to keep it for at least six months. I don't have any interest or any payments until the end of 10 years. At any time after six months, I can do away with the loan. Unlock sends an appraiser in. Whatever the house appraises for, I pay them back 16% minus what I already got. So, I got 35,000. Let's say their portion is going to be 50,000. I take 35 off of 50 and that's what you I them back. It's more than fair because I have a fifty-fifty chance that the housing market is going to take a dump. So, it's a win-win for the homeowner. It works really good.

    The reps sent me all the information over the computer so I could read it before I sign the final documents. We did the process from start to finish in two weeks’ time and it was perfect. They were very efficient. They went through the whole process with me and they told me everything. I would recommend Unlock to anybody.

    14 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 11, 2021

    My wife and I are getting ready to move into an RV and I was told it's easier to get financing if you own your home still. We looked into Unlock because I want to pull out some equity, and then, before we sell the house, buy the RV, and then sell the house. Unlock's application process was simple, quick and easy. Shawn was my loan officer and he told me what I needed to do and we took care of it. I talked to him a couple of times in between after submitting all the information and it was perfect. I couldn't have asked for a better experience. The rates are a little bit steep, but that's what you expect when you get into a loan like this or an investment.

    6 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 10, 2021

    Yvette, a woman that I've worked with on mortgage refi from the past year, referred Unlock to me. She put me in touch with a man named Kevin, and he was only person I spoke with at Unlock. He 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.

    I let Kevin know that I was interested, and we went through the process of filling out papers, signing documents and closed it with a notary that they sent to my home. The process took two and a half months, and it was smooth. The only thing that was a delay for us was communication, back and forth through emails. Also, I wish the rates were lower, but the terms seem reasonable. Anybody lending money needs to make some money off of it, so it's not too bad.

    6 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 23, 2022

    Great experience and great alternative to refinancing. I was very happy with the customer service and the process. It was exactly as described and Unlock did a great job of keeping us posted on everything. I would 100% recommend Unlock to friends!

    Unlock response

    Hi Michael,

    Thanks so much for taking the time to post a review about your experience with Unlock. We’re happy that the customer service and process were positive and went smoothly. We appreciate your feedback!

    Sincerely,

    The Unlock Team

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 28, 2022

    I reached someone from Unlock on 9/13/22, within that day I was advised to send in documents and the quicker the better you should be approved and funding should be available to you within 30 days. Well here we are almost 60 days out and each time I call I am waiting on this, that, and the third. If there is something that has to be done asap with the funds do not go to them. Since I have wasted almost 60 days I have to start over.

    Unlock response

    Trina,

    We apologize for the delay in moving your application along. We discovered a rare restriction during our underwriting process that complicated our ability to proceed as quickly as we would have liked. We are happy to report that we were able to remedy the situation and that you should have funding in hand shortly. Thanks for your patience and for reaching out to share your feedback.

    Sincerely,

    The Unlock Team

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 5, 2022

    Do NOT do business with Unlock in any way, shape, or form unless you plan on giving the farm away. I'll make a long story short on their lending tactics. During the process, they will send somebody to come and "appraise" your home. This person comes and takes pictures which gets sent to a third party company. This 3rd party company will then completely undervalue your home by a very large amount.... about 15% in my case. They take all the comps from the area and they actually REDUCE the comp number to "adjust" the value of the home to what THEY THINK the value is and NOT the actual market value. So that offer your getting now becomes a much smaller offer or in some cases no offer at all after wasting all your time. What do you think will happen when Unlock wants to collect their money in 10 years?

    They will more than likely send a REAL appraiser because the reality is that on the initial appraisal it's NOT a real appraisal where they do actual measurements of your home. Meaning that based on my observation on going through the process they are actively trying to get your home “appraised” for as little as possible so they can collect a much larger payment when it’s time to pay up after your term is complete. The 3rd party appraisal companies they use are a nationwide company that knows nothing about your area, home, or neighborhood. There are a couple of other competitors that use real appraisers to give you the real value of your home and not try to actively rip you off. STAY CLEAR of this company at all cost!!

    Unlock response

    Thanks for reaching out with your experience. We did an audit of your file and we ordered an independent, licensed, third-party appraisal with the goal of providing you a fair valuation of the property. These independent, third party appraisers do not adjust values on our behalf as you indicated in your review. A senior member of our operations team will be reaching out to discuss your file and appraisal in detail.

    19 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 28, 2021

    I reached out to somebody that got back to me. I went to fill out paperwork. After that, it took a couple of weeks and I got the closing documents. We then did the appraisal and that was it. It was easy and straightforward. The rate is too high. But I got what I needed and the answer I wanted.

    7 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 14, 2021

    Using Unlock was an easy process. The rep was very helpful. He took my calls when I had extra questions. The long term terms aren't very good, but it's good getting a loan as quick as it was. If you need cash, call Unlock.

    3 people found this review helpful
    Loading more reviews...

    Unlock Company Information

    Company Name:
    Unlock
    Website:
    www.unlock.com