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Unlock will have a lien on the property (just like a mortgage does), but since it's not a loan you won't be paying Unlock interest or a monthly payment. This product is designed for homeowners who need cash for reasons such as home improvement project or to eliminate debt. The Unlock product allows you to tap into the equity in your home without the monthly payments that come from a traditional home equity loan or line of credit. Unlock FAQ How does the Unlock product work?Ī shared equity agreement (also called home equity contract) is essentially a way to sell a portion of the equity in your home to an investment company. Unlock is currently available in 15 states. Funds can be used for anything, from paying off debt, renovating or retirement. Existing homeowners can access up to 43.5% of their property's value without taking on debt.
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The specific percentage is based on how much cash you receive up front. To 43.75% share of the home's value when the contract ends. You can do so by paying them in cash, getting cash-out refinancing, selling your home, or partnering with Unlock for another term. The investment has a contract term of 10 years, at which time you'll need to settle up with Unlock. Your actual offer will depend on the value of the home and how much equity you have in the property. Homeowners with a credit score as low as 500 can qualify with Unlock. Unlock’s Home Equity Investment is not a loan, so there are no interest charges or monthly payments.