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 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.
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.
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