- No interest charges/monthly repayments
- Independent appraisals
- No minimum income requirement
- Not available in all 50 states
- 20% home equity requirement
- No support telephone number on website
Unlock pays customers a proportion of their home’s current value as a lump sum. In exchange, the homeowners agree to repay a proportion of the proceeds from the future sale of their property. In a typical transaction, Unlock will provide homeowners with 10% of their property’s current value in exchange for 16% of its future worth, although these figures may vary depending on the terms of your agreement.
Unlock’s investment is not a loan, which means homeowners won’t need to make monthly repayments and can use the funds for any purpose.
As Unlock’s offers aren’t based on income requirements, its services could be particularly suitable for homeowners who aren't high earners. However, you’ll typically need at least 20% equity in your home to qualify, which means Unlock may not be the right choice for those who have recently purchased their property.
Types of Products
Unlock offers a single service: lump-sum payments in exchange for a stake in a property’s future value. The main service features and requirements include:
- A minimum FICO credit score of 500
- Cash payments of between $30,000 and $500,000
- No monthly repayments
- No interest charges
- 20% equity requirement
The Application Process
In order to qualify for and receive payment from Unlock, customers will typically follow the stages below:
- Create an account and enter property details
- Unlock reviews the application
- Unlock issues preliminary terms of the deal and schedules a call to confirm details
- An independent valuation of the property takes place
- You receive a closing statement containing the final terms
It takes around 60 seconds to create an account and approximately 30 days to complete the entire process, although the period will vary depending on the length of time it takes for your appraisal and inspection to be completed.
During the application process, you’ll normally need to provide:
- Government-issued identification
- Homeowners insurance declaration page(s)
- Mortgage statement(s)/lease agreements
- Trust documents
Be aware, Unlock currently only operates in the following states:
- New Jersey
- North Carolina
- Washington State
Unlock typically stipulates a 10-year term. At the end of this period, you’ll need to settle up with Unlock either by selling your home or by buying out its share in the property. If you’d like to buy the company out earlier, you can do so by making partial payments.
Help & Support
You can contact Unlock via email, an online query form, or alternatively, you can schedule a phone consultation via a tool on its website. There is no customer support number listed on the Unlock website.
The availability of phone consultations will depend on your location in the US. When we searched for appointments, we found the following slots in the following time zones, Monday to Friday:
- Pacific Time: 9 am to 4.45 pm
- Mountain Time: 10 am to 5.45 pm
- Central Time: 11 am to 6.45 pm
- Eastern Time: 12 pm to 7.45 pm
If you’re keen to access the equity in your home without the burden of making monthly repayments, taking out a lump-sum agreement with Unlock could prove an innovative solution. As long as you have a strategy for settling up at the end of your agreement term, the funds you receive—up to $500,000—could help you pay off existing debts or be put towards making a major purchase.
What type of properties are eligible?
Unlock invests in the majority of residential properties, including single-family dwellings, condominiums, 2–4 unit properties, and townhouses. However, it won’t typically invest in tenancies-in-common, co-ops, raw land, or prefabricated homes.
Will Unlock run a credit check?
Unlock will run a soft credit check during the application process, but this will not affect your credit score.
Can I remortgage my home?
Yes, although Unlock will require you to maintain at least 20% of the equity in your property.
Will I still own my home?
Yes. Although Unlock will place a lien on your home, you’ll retain ownership.
548 Market St, #31036, San Francisco, CA 94104
This review was compiled using information on the company’s website and by emailing its customer service team.