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Unlock Reviews

7.8

bestfor-icon Flexible financial solutions for homeowners

alirivzi
Written by Ali Rivzi

About Unlock | Read More

8

LS Score

8

Credibility

8

Support

7

Accessibility

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Contact Information Contact Information drop-down-btn
  • hello@unlock.com
  • 1-800-560-3450
  • Headquarters: 270 Madison Ave. Suite 702 New York, NY 10016
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Unlock Mortgages Review

Unlock Technologies helps everyday American homeowners that have been left behind by the traditional home and finance system through its innovative home equity agreement (HEA). 

  • No monthly payments. Unlock’s Home Equity Agreement is not a loan, so there are no interest charges or monthly payments. 
  • Lower credit scores accepted. Homeowners with a credit score as low as 550 can qualify with Unlock. 
  • Maximum investment of $500,000. Your actual offer will depend on the value of the home and how much equity you have in the property. 
  • 10-year term. The HEA has a term of 10 years. You can exit the agreement at any time through a partial or full buyout, or when you sell the home. 
  • Eligibility requirements: No bankruptcy, foreclosure action, short sale, or deed in lieu within the previous five years. Also, no 90-day delinquencies on any mortgage within the prior 24 months, and no 120-day delinquencies on any mortgage within the prior 36 months.

Unlock Mortgages Highlight

550

Min Credit Score

$30K-$500K

Mortgage Amount

Up to 10 years

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Undisclosed

Underwriting Fee

Yes

Other Fees

4.9%

Origination Fee

Undisclosed

Prepayment Fee

30-60 Days

Funding Time

Mortgage Refinance

Max $5M

Mortgage Amount

Home Equity

$30K-$500K

Mortgage Amount

Pros & Cons

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  • con-icon Provides flexibility to use cash for a variety of purposes without incurring monthly payments or interest charges
  • con-icon Offers the opportunity to buy back equity at any time during the agreement
  • con-icon Designed to be a flexible option for homeowners who may not qualify for traditional home equity loans or credit lines
  • con-icon Can help homeowners facing financial hardship or who are looking for a way to access the equity in their property
  • con-icon Involves giving up a stake in the future value of your home
  • con-icon Each home equity agreement is subject to individual underwriting review, which means that not all borrowers may qualify
  • con-icon May not be suitable for homeowners who are looking to borrow a large amount of money or who need a long-term financial solution
  • con-icon Some homeowners may prefer the security of a traditional loan or credit line that is secured by their home as collateral
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Unlock Mortgages Terms & Requirements

Unlock Technologies is a financial company that provides home equity agreements (HEAs) as an alternative solution for homeowners seeking to access the equity in their property. With an Unlock HEA, homeowners give up a stake in the future value of their home in exchange for a cash payment, which can be used for a variety of purposes without the need for monthly payments or interest charges. Homeowners have the option to buy back equity at any time during the agreement. Unlock determines the amount of cash payment it will offer to homeowners based on their equity in their property and uses a formula to calculate this amount. These agreements are designed to be a flexible option for homeowners who may not qualify for traditional home equity loans or credit lines and offer the opportunity to access cash upfront without the burden of monthly payments or interest charges.

How to Apply

To apply for a home equity agreement with Unlock Technologies, you can request an estimate of how much equity you can unlock in your property by filling out a short online form on the company’s website. Once you have received your estimate, you can apply for an Unlock home equity agreement with the help of a dedicated home equity consultant (HEC). The application process may involve providing personal and financial information, as well as information about your property. 

Step 1

Fill in online form

If your application is approved, you will be required to sign the closing documents and should receive a secure wire transfer within a few days. The process of applying for a home equity agreement with Unlock is designed to be easy and convenient, with the goal of helping homeowners access the equity in their property in a flexible and transparent way.

Qualification Requirements

  • Minimum Credit Score: 550
  • Debt-to-Income: N/A
  • Loan-to-Value: 70%
  • Fine Print: Must maintain the property, pay taxes, home insurance, and first lien mortgage (if applicable)

Required Information

To initiate the prequalification process for a home equity agreement with Unlock Technologies, you can visit the company’s website and fill out an online form. Alternatively, you can call the company to speak with a dedicated home equity consultant (HEC) who can guide you through the process. In order to prequalify for an Unlock home equity agreement, you may be asked to provide or prepare the following information:

  • Your name and contact information, including your phone number and email address
  • Your current address and any past addresses you have lived at
  • Proof of your identity, such as a driver’s license or passport
  • Your social security number
  • Your credit score and any other relevant financial information, such as your income and debts
  • The amount of money you are looking to borrow and the purpose of the loan
  • Information about your property, including its value and any mortgages or liens on it

Application Steps & Time Frames

After you have initiated the pre-qualification process for a home equity agreement with Unlock Technologies, the following steps may be involved in the process:

  • Reviewing your application and supporting documents: Unlock will review your application to determine your eligibility for a home equity agreement. This process may involve obtaining an independent third-party appraisal and title report to determine the value of your property.
  • Receiving an offer: If you are prequalified for a home equity agreement with Unlock, you will receive an offer detailing the terms of the agreement and any fees or charges associated with it.
  • Closing the agreement: If you accept the offer, you will be required to sign the closing documents and complete any other necessary paperwork. After the closing documents are signed, you should receive a secure wire transfer within a few days.

The initial process of prequalifying for a home equity agreement with Unlock may take a few days to a week, depending on the complexity of your application and the availability of any supporting documents. Once you have received an offer and completed the closing process, you should receive funding within a few days. 

State Availability

Available - Arizona, California, Colorado, Florida, Michigan, New Jersey, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Virginia, Washington

Not Available - Alabama, Alaska, Arkansas, Connecticut, Delaware, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Dakota, Ohio, Oklahoma, Texas, Vermont, West Virginia, Wisconsin, Wyoming

alirivzi
Written by Ali Rivzi linkedin-icon

Ali Rizvi is a published author, financial analyst, and market researcher. He's passionate about providing in-depth insights and analysis in the finance and blockchain industries. With a Bachelor's in Finance from Purdue University and a background studying abroad at the University of Cambridge, he brings a wealth of knowledge and expertise to the table.

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FAQ’s

How does Unlock's home equity agreement work?

Unlock allows homeowners to receive a cash payment in exchange for a stake in the future value of their home.

Is an Unlock home equity agreement right for me?

It's important for homeowners to carefully consider their financial needs and goals before deciding if an Unlock home equity agreement is the right option for them. This type of financial product may be a good fit for homeowners who are facing financial hardship or who are looking for a flexible way to access the equity in their property.

How do I apply for an Unlock home equity agreement?

To apply for an Unlock home equity agreement, you can visit the company's website and fill out an online application.

Customer Support

Unlock Technologies provides customer support to help homeowners understand the home equity agreement process and address any questions or concerns. You can contact Unlock’s customer support team by phone or email to get help with your home equity agreement. According to customer reviews, Unlock’s customer support team is generally well-regarded for its helpfulness and ability to resolve problems.

Privacy & Security

Unlock has an average of 4.7 stars out of five stars across 65 customer reviews on Trustpilot.

There are just five customer reviews on the Better Business Bureau (BBB) website, each providing a five-star rating. Unlock Technologies is not BBB accredited, as they’ve been in business for only one year. They do have an A- rating with the BBB.

Unlock provides a comprehensive privacy policy on their website. Applicants can choose to limit how Unlock uses their information.

In Conclusion

Unlock Technologies, through its home equity agreements (HEAs), allows borrowers to receive a cash payment in exchange for a stake in the future value of their home. This can give homeowners the flexibility to use the cash for various purposes, including paying off debt, making home improvements, or funding education, without incurring monthly payments or interest charges. However, it’s important to note that Unlock’s home equity agreements involve giving up a stake in the future value of your home, which may not be suitable for everyone. Additionally, each home equity agreement is subject to individual underwriting review, which means that not all borrowers may qualify.

Brand Disclaimer

Unlock Agreements are provided exclusively by Unlock Partnership Solutions Inc., Unlock Partnership Solutions AO1 Inc., Unlock Partnership Solutions AO2 Inc., and Unlock Homeownership Solutions Inc., all of which are wholly-owned subsidiaries of Unlock Technologies, Inc. (collectively, “Unlock”).
The applicable Unlock entity enters into the Unlock Agreements directly with consumers and does not act as an agent or broker on behalf of any third-party. No agency relationship shall be formed between any Unlock entity and a consumer pursuant to or in connection with an Unlock Agreement. All Rights Reserved.
*Application to funding may take over 60 days to complete. Funding timelines may vary depending on factors, including, but not limited to appraisal turnaround times and follow-ups required for verification of property details and a clear title.
Liens or any interest secured on the property by MV Realty must be paid off and removed as a condition to close.
Terms and conditions apply.