Hometap vs. Unlock: Home Equity Agreement Comparison

	4.8 Free quote	4.5 Free quote
Min. credit score	500	500
Min. credit score	Min. credit score
500	500
Investment amount	$15,000 – $600,000	$30,000 – $500,000
Investment amount	Investment amount
$15,000 – $600,000	$30,000 – $500,000
Term length	10 years	10 years
Term length	Term length
10 years	10 years
State availability	16 states (listed below)	14 states (listed below)
State availability	State availability
16 states (listed below)	14 states (listed below)
	See the best home equity investments.

Hometap and Unlock are two popular home equity agreement (HEA) companies that let you tap into your home’s equity without taking on debt or making monthly payments. If you’re considering an HEA, you may be trying to decide between these two options.

Hometap is our top choice overall, but Unlock may be a better choice if you’re looking to make partial payments. Below, we’ll compare Hometap and Unlock side-by-side. We’ll look at eligibility requirements, funding amounts, repayment terms, and more so you can understand which company better suits your needs as a homeowner.

Table of Contents

Hometap vs. Unlock: How do they work?

The product both companies offer is similar to many HEAs, but they have several notable differences.

How does Hometap work?

Hometap provides a lump sum of $15,000 to $600,000 in exchange for a percentage of your home’s future appreciation (or depreciation). You have 10 years to sell your home or buy out Hometap’s investment. No monthly payments are due during this time.

To qualify for a Hometap investment, you’ll need a minimum credit score of 500 and at least 25% equity in your home.

Check out our full Hometap review for more details on the company and its services.

How does Unlock work?

With Unlock, you can get between $30,000 and $500,000 in cash, depending on your home’s value and the percentage of equity you agree to share. The term length for Unlock’s agreements is 10 years, during which time you don’t need to make any monthly payments or pay interest on the funds received.

To be eligible for an Unlock home equity agreement, you’ll need a minimum credit score of 500 and at least 20% equity in your home. If your credit score is below 550, you may need to verify your income as part of the application process.

Check out our full Unlock review for more information on the company and its product.

Unlock vs. Hometap eligibility

When comparing Unlock vs. Hometap, start by reviewing their eligibility requirements and service areas. Even if a lender seems promising, it won’t matter if it doesn’t operate in your state or if you don’t meet its qualifications.

Here’s a look at where Unlock and Hometap differ:

	Hometap	Unlock
Availability	16 states	14 states
Max. LTV	75%	80%
Investment amount	$15,000 – $600,000	$30,000 – $500,000
Allows partial buyouts?	❌	✅
Transaction fee	3.5%	4.9%

The right HEA company depends on your location and goals. Hometap is available in more states and may be better than Unlock if you’re looking for a small loan under $30,000 or a larger loan over $500,000.

However, Unlock allows higher LTVs, which may be better if you have a larger balance on your current mortgage. LTV, or maximum loan-to-value ratio, refers to the maximum percentage of your home’s value that can be financed, including any mortgage balance and the new investment. But Unlock also has higher potential fees than Hometap.

Check your state’s eligibility

State	Hometap	Unlock
Alabama	❌	❌
Alaska	❌	❌
Arizona	✅	✅
Arkansas	❌	❌
California	✅	✅
Colorado	❌	❌
Connecticut	❌	❌
Delaware	❌	❌
Florida	✅	✅
Georgia	❌	❌
Hawaii	❌	❌
Idaho	❌	❌
Illinois	❌	❌
Indiana	❌	❌
Iowa	❌	❌
Kansas	❌	❌
Kentucky	❌	❌
Louisiana	❌	❌
Maine	❌	❌
Maryland	❌	❌
Massachusetts	❌	❌
Michigan	✅	✅
Minnesota	✅	❌
Mississippi	❌	❌
Missouri	❌	❌
Montana	❌	❌
Nebraska	❌	❌
Nevada	✅	❌
New Hampshire	❌	❌
New Jersey	✅	✅
New Mexico	❌	❌
New York	✅	❌
North Carolina	✅	✅
North Dakota	❌	❌
Ohio	✅	❌
Oklahoma	❌	❌
Oregon	✅	✅
Pennsylvania	✅	✅
Rhode Island	❌	❌
South Carolina	✅	✅
South Dakota	❌	❌
Tennessee	✅	✅
Texas	❌	❌
Utah	✅	✅
Vermont	❌	❌
Virginia	✅	✅
Washington	✅	✅
West Virginia	❌	❌
Wisconsin	❌	❌
Wyoming	❌	❌
Washington, D.C.	❌	❌

Unlock vs. Hometap customer reviews

Aside from eligibility requirements, it’s also smart to consider what other homeowners say about Unlock and Hometap. A company’s marketing may be impressive, but reviews from actual customers show the level of service and care you can expect.

Here’s a look at Hometap’s and Unlock’s customer reviews:

Rating source	Hometap	Unlock
Trustpilot	4.9/5	4.7/5
Better Business Bureau (BBB)	4.3/5	3.81/5

Collected on December 11, 2024.

Both companies have strong ratings, but Hometap edges out Unlock on both platforms. Customers appreciate Hometap’s accessibility, fast communication, and helpful customer service.

Unlock reviews highlight the team’s responsiveness and the company’s streamlined process. At the time of writing, Hometap has 11 BBB complaints closed in the last three years; Unlock has eight.

Hometap vs. Unlock: Which is better?

If you’re still unsure which company best suits your needs, we’ve broken down a few scenarios when one option outperforms the other. If one of the situations below sounds like yours, it might be clear which company is your best choice.

Scenario	Best choice
You want a large investment amount	Hometap
You want to spread your buyout over time	Unlock
You prefer a more experienced company	Hometap
You have a large mortgage balance	Unlock
You want the lowest fees	Hometap

If you want a large investment amount

If you’re looking to access significant equity in a high-value home, Hometap could be your answer. The company offers up to $600,000 in funding, whereas Unlock’s investments go up to $500,000.

Hometap is also a winner if you need under $30,000. Its investment amounts start at $15,000 compared to Unlock’s $30,000 minimum.

Winner

Hometap

If you want to spread your buyout over time

Unlock is the only home equity agreement company that offers partial buyouts—meaning you can make smaller payments and buy back equity over time.

Hometap, as well as others in the home equity agreement space, require a buyout in full—either when you sell the house or at the end of your investment term (which, in Hometap’s case, is 10 years).

Winner

Unlock

If you want a more experienced company

Hometap has been around longer than Unlock, and it has the reviews to back it up. The company has more than 4,000—mostly glowing—reviews on Trustpilot, compared to Unlock’s 1,000-plus reviews. In short, Hometap has served many customers and knows what it’s doing.

Winner

Hometap

If you have a large mortgage balance

Both Hometap and Unlock have maximum loan-to-value amounts, which include your investment amount and the balance on your mortgage loan. With Hometap, your maximum LTV is 75%, meaning your current balance and your investment amount cannot exceed 75% of your home’s value.

Unlock’s LTV is a bit higher, at 80%. This can be beneficial if you have a large loan balance remaining on your mortgage. It means you’ll have an extra 5% equity to work with, which could lead to a larger investment amount.

Winner

Unlock

If you want the lowest fees

Both Hometap and Unlock charge transaction fees, appraisal costs, and third-party settlement costs. However, Hometap’s transaction fee is 3% of the total investment amount, while Unlock’s is higher at 4.9%.

These fees are deducted from your total investment before it lands in your bank account, so you don’t pay them out of pocket. Still, Hometap could result in you receiving more of the amount you’re approved for. On a $250,000 investment, you could have $12,500 in fees deducted with Unlock versus $7,500 with Hometap.

Winner

Hometap