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.
Unlock Mortgages Review
Unlock Technologies is a company that offers homeowners a unique way to access the equity in their property through its home equity agreements (HEAs). Unlock’s HEAs are designed to be a flexible option for homeowners who may not qualify for traditional home equity loans or credit lines, and they offer the opportunity to buy back equity at any time during the agreement. When it comes time to sell your home, you will need to notify Unlock and determine the ending home value and Unlock’s share of the sale proceeds according to the terms of the agreement. Unlock currently invests in most residential real estate, including single-family homes, condominiums, and townhomes, and does not require monthly payments. Instead, it shares in the future value of your home when you sell or decide to buy out the agreement.
Unlock Mortgages Highlights
MORTGAGE AMOUNT
$30,000 - $300,000
REPAYMENT TERM
With a hea a homeowner gets cash up front, which they can use for up to 10 years with no interest charges or burdensome monthly payments. homeowners can buy back equity anytime during the agreement.
MIN CREDIT SCORE
500
FUNDING TIME
30-60 days
ORIGINATION FEE
3.9%
PREPAYMENT FEE
None
UNDERWRITING FEE
None
OTHER FEES
Yes
SOFT CREDIT PULL
Yes
NMLS
-2
LENDER TYPE
Marketplace
Pros & Cons
- Provides flexibility to use cash for a variety of purposes without incurring monthly payments or interest charges
- Offers the opportunity to buy back equity at any time during the agreement
- Designed to be a flexible option for homeowners who may not qualify for traditional home equity loans or credit lines
- Can help homeowners facing financial hardship or who are looking for a way to access the equity in their property
- Involves giving up a stake in the future value of your home
- Each home equity agreement is subject to individual underwriting review, which means that not all borrowers may qualify
- May not be suitable for homeowners who are looking to borrow a large amount of money or who need a long-term financial solution
- Some homeowners may prefer the security of a traditional loan or credit line that is secured by their home as collateral
Mortgage Type
- Home Equity Line of Credit
Unlock Mortgages Terms & Requirements
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.
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
- MinimumCredit Score 500
- Debt-to-Income N/A
- Loan-to-Value 70%
- Fine Print Must maintain 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
State Availability
Not Available - Alabama, Alaska, Arkansas, Connecticut, Delaware, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Texas, Vermont, West Virginia, Wisconsin, Wyoming.
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.
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.
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.
FAQ
Unlock 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.
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