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Unlock Review 2021

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Reviews 23

This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time.

Katy Ward
Katy Ward
Jun. 04, 20214 min read

Unlock summary

Unlock is a real estate investor that allows homeowners to access the equity in their property without taking out a loan. Instead, it makes cash payments to customers in exchange for a share of the proceeds resulting from the future sale of their home. Homeowners using Unlock can release up to $500,000 over a 10-year term.

Pros

  • No interest charges/monthly repayments
  • Independent appraisals
  • No minimum income requirement

Cons

  • Not available in all 50 states
  • 20% home equity requirement
  • No support telephone number on website

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Overview

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.

Suitable For?

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:

  1. Create an account and enter property details 
  2. Unlock reviews the application 
  3. Unlock issues preliminary terms of the deal and schedules a call to confirm details
  4. An independent valuation of the property takes place
  5. 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:

  • California
  • Colorado
  • Florida
  • Michigan
  • Nevada
  • New Jersey
  • North Carolina
  • Oregan 
  • Virginia
  • Washington State

Repayment Terms

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 

E: hello@unlock.com

Summary

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.

FAQs

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.

Physical Address 

548 Market St, #31036, San Francisco, CA 94104

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Methodology

This review was compiled using information on the company’s website and by emailing its customer service team.


Katy Ward
Written byKaty Ward

Oxford graduate Katy Ward is a seasoned journalist and editor covering personal finance and software topics for Eleven Writing and Top10. Over a 15-year career, Katy has worked with several finance titans, including Barclays, Tandem Bank, and Yahoo! Finance.

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ExcellentReviews 23
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Trustpilot reviews

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ExcellentReviews 23
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Excellent
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  • author
    Martin Gonzalez
    Aug 27, 2021
    Great group to work with.

    Great group to work with.

    ...

  • author
    victoria
    Aug 19, 2021
    Everyone i dealt with from application…

    Everyone i dealt with from application to closing had ben very professional and supportive. My questions were answered on a timely manner. I am vey thankful for the assistance that afforded me to meet my financing goals. Sincerely, Victoria Peach

    ...

  • author
    Jose Parra
    Aug 16, 2021
    All worked out as promised

    All worked out as promised! Thank you!

    ...

  • author
    Vince X
    Aug 16, 2021
    Good Service and Clear on Details

    John Helbling was very helpfull and answered my questions thoroughly through the entire process.

    ...

  • author
    Robert
    Aug 12, 2021
    Understanding the process.

    My equity consultant was very knowledgeable and did an excellent job of keeping me updated. He took the time to make sure that I fully understood the process.

    ...

  • author
    Gilbert
    Aug 10, 2021
    thank you thank you especially…

    thank you thank you especially investment officer HOZ TAQUEE who help out we already spread unlock to seniors that we know it's better then a reverse mortgage at times thank you Gilbert & Claudina Navarro

    ...

  • author
    Countess
    Aug 09, 2021
    Excellent Experience

    I had already worked with a couple of other firms before I contacted Unlock, so they were in a time crunch to catch up. I was connected to their head of Sales and he made some persuasive fact-based arguments about why I should consider his firm. I'm glad I listened. He was responsive to every issue that arose during the process. He was also informed, transparent, professional, and extremely courteous. He made me feel valued as a customer and helped me to complete the process as efficiently as possible. Plus, hands down, Unlock offered me the best deal. If you are looking for this type of arrangement, I would recommend them without reservation.

    ...

  • author
    Anthony Carney
    Aug 09, 2021
    Outstanding!!!!

    Outstanding!!!!

    ...

  • author
    Shelda Hodges
    Aug 04, 2021
    Great Product! It's not a Loan. Will not show-up on your Credit ! Bravo!

    I am delighted. The process was so simple and easy. All in three weeks and I delayed the Appraiser 1 week to handle personal issues. Closed on Friday funds deposited in my account on Monday. Its a great way to get Equity out of your home without the Bank HOOPS. Happy Dance!

    ...

  • author
    HardFam
    Aug 02, 2021
    Let me start by saying that our account…

    Let me start by saying that our account rep was wonderful. Our issues weren't with him, but with the way the company in general conducts business. They do not do full appraisals, but use a local company, to where you are located, to do comps, and then another company to come take pictures. The right hand didn't know what the left hand was doing and this resulted in delays and them having to come out twice. Our non-appraisal came back almost 100K less than it should have been. And this isn't coming from homeowners who're being emotional about the value of their house. A house, the exact same floor plan as ours, sold in our neighborhood for 80K more than they listed our non-appraisal. That house didn't have granite counters, didn't have a fully landscaped yard, didn't have solar, didn't have battery back ups. We have all that. At that point there wasn't anything we could do. Either move forward, or start the processes completely over with another company. I was told after we closed that we could come back after 6 months and start a new investment with them. This means paying them off, and starting an entirely new investment opportunity. Sounds great, for them. For us it means more closing cost and more money in the end for them. So, my advice, put your foot down for a full appraisal, not their comp/inspection appraisals.

    ...

  • author
    Doyal
    Jul 28, 2021
    Unlock really came through for my wife…

    Unlock really came through for my wife and I, we're getting all our old windows and sliding door redone, and getting our bathroom updated, paying off bills, and getting our mortgage out of hardship, the process was simple, and it didn't really take to long for the closing, then we got our money, John Morath was great to work with very professional, he was awesome, and the whole company is, hope to do business with them again.

    ...

  • author
    Wanda Griffin
    Jul 27, 2021
    I called to see if they could help me

    I called to see if they could help me. Lots of information went out to them. They got back to me let me know what they could do for me. We were all in agreement. And the rest is history. I’m a very satisfied customer. I would recommend them.

    ...

  • author
    Dorothy Simmons
    Jul 16, 2021
    I would recommend UNLOCK

    John Morath was a great person who took me to step by step in helping me to understand this loan process. the only thing it was a little slow and three different INVESTMENT ESTIMATE AMOUNT. So that was a little stressful thinking you get one amount and they keep changing it to something lower than you expected. I said this because the amount was much higher when I first started than what I received.

    ...

  • author
    Solita Ceniza Hines
    Jul 10, 2021
    VERY HELPFUL & ACCOMMODATING

    VERY HELPFUL & ACCOMMODATING

    ...

  • author
    Neal Novotny
    Jul 08, 2021
    Unlock did a good, efficient job

    Unlock did a good, efficient job at servicing us during our funding process. Kevin Wu was a very responsive account representative for us. Thank you.

    ...

  • author
    Dorothy Mayo
    Jul 07, 2021
    They was great helping me through the…

    They was great helping me through the progress. thanks!

    ...

  • author
    Agnes Stokes
    Jul 07, 2021
    Met expectations in a prompt manner.

    Met expectations in a prompt manner.

    ...

  • author
    Sharon Seiden
    Jul 01, 2021
    The Process Was a Positive Experience

    The process made sense and work smoothly until the end. The title company was not not on top of the status of the loan or disbursement. After a few hours it all worked out. I think, it has do with uploading the loan in the title company workspace. After I spoke to someone who was knowledgeable she explained the title process and finally the disbursement happened.

    ...

  • author
    Eddie Romo
    Jul 01, 2021
    i had a great experience except for the…

    i had a great experience except for the length of time it took to get an appraisal.

    ...

  • author
    Joaquin Jasso
    Jun 30, 2021
    Very pleased with the whole process.

    Very pleased with the whole process. Shaun was a great individual to work with and very informative throughout. I was unsure in the beginning but they made me feel secure in my decision to go this route. Thanks again for all you did for me! 😀

    ...

  • author
    Aaron Freiser
    Jun 30, 2021
    Did what was promised in a quick and…

    Did what was promised in a quick and efficient manner

    ...

  • author
    Raul Ortiz
    Jun 17, 2021
    Well you guys delivered when I needed…

    Well you guys delivered when I needed help. Enough said.

    ...

  • author
    Donald
    Jun 08, 2021
    Unlock came through during a time when…

    Unlock came through during a time when I needed them when my Mortgage misled me with their guidelines and policies

    ...

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