Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Home Equity Home Equity Investments Unlock Competitors and Alternatives Updated Mar 12, 2024 4-min read Written by Aly Yale Written by Aly Yale Expertise: Home equity, mortgages, real estate Aly Yale is a freelance writer with more than a decade of experience covering real estate and personal finance topics. Learn more about Aly Yale Unlock is a home equity sharing company that allows homeowners to access their property’s equity without adding more debt (or monthly payments). The company is based in San Francisco and has been in operation since 2021. Several companies offer home equity sharing agreements similar to Unlock’s, and there are alternatives for tapping into your home equity. Use this guide to determine which Unlock competitors or alternatives might be best for your goals as a homeowner. Table of Contents Skip to Section How does Unlock work?Unlock competitorsUnlock alternatives How does Unlock work? With Unlock, you sell the company a portion of your home equity, plus a share of your property’s future appreciation. In exchange, you get a lump-sum payment, which you can use for any purpose. Many homeowners use these arrangements to pay for home repairs, renovations, or other costs they might be facing. You then have 10 years to buy back your equity. You can do this in one large payment at the end of your term or via partial buyouts over time. Unlike typical equity products like home equity loans, there are no monthly payments or interest charges. Unlock competitors The number of companies offering home equity sharing agreements is small. We’ll compare Unlock to two popular competitors: Hometap and Unison. Each varies slightly in its geographic service area, credit score requirements, and investment amount. UnlockHometapUnisonOur rating4.7/54.6/54.4/5Credit score550+500+620+Min. investment$30,000$15,000$30,000Max. investment$500,000$600,000$500,000Term length10 years10 years30 yearsPrequalifyPrequalifyPrequalify Hometap Cash Estimate Investments from $15,000 to $600,000No out-of-pocket costsExcellent customer reviews What makes it a good alternative to Unlock? Hometap is based in Boston, Massachusetts, and has operated since 2019. It stands out for accepting homeowners with a 500 credit score and above. This makes it the most flexible in terms of personal eligibility requirements. Unlock also accepts homeowners with poor credit but only above a 550 credit score. Hometap is also available in more states than Unlock and offers a wider funding range than any of the listed companies. This makes it an excellent option for both small and large needs. Unison Cash Estimate Investments from $30,000 to $500,000Term length of 30 yearsGet a cash estimate in just 60 seconds What makes it a good alternative to Unlock? Unison was one of the first companies to introduce a home equity investment on the market. This helped it become the most widely available option, serving homeowners across 29 states and D.C. The 30-year term of Unison’s agreement is significantly longer than Unlock’s 10-year term. It gives homeowners more flexibility and can benefit those using the funds for a longer-term project or need. Unlock alternatives Home equity sharing agreements aren’t the only way to access your home equity. Other financial products can turn your equity into cash, including HELOCs, home equity loans, and home-sale leasebacks. To see how some of these Unlock alternatives compare to a home equity sharing agreement, see the details for Figure (HELOCs) and EasyKnock (leasebacks) below. UnlockFigureEasyKnockProductInvestmentHELOCHome-sale leasebackMin. credit score550640NoneMin. funding$30,000$15,000$60,000Max. funding$500,000$400,000$450,000Term length10 years5 – 30 years12 months to leasePrequalifyPrequalifyPrequalify Figure View Rates Flexible terms, redraw up to 100%, borrow up to $400KUse to consolidate debt or finance your next projectDigital app & online appraisal What makes it a good alternative to Unlock? Figure is a lending company that offers home equity lines of credit, mortgages, and crypto-backed mortgages. The company is based in Charlotte, North Carolina, and has operated since 2018. Figure is more widely available than Unlock and offers more term options. Depending on how long you need the money, you can choose between 5-, 10-, 15-, and 30-year terms. Since Figure offers HELOC options, you can also draw from a line of credit over time. Unlock only provides a one-time lump sum. If you have excellent credit, you can also tap into a larger equity stake with Figure. For borrowers with 760 credit scores or higher, the maximum LTV is 85% of your home’s value. EasyKnock Check Eligibility Receive funds in less than 30 daysStay in your home after the sale What makes it a good alternative to Unlock? EasyKnock is a company that offers a variety of sale-leaseback programs. These programs allow homeowners to sell their homes, cash in on 75% of the property’s value, and remain in the house as a renter. Homeowners can purchase the home back (if they choose to) sometime in the next five years. The company is based in New York and has operated since 2018. EasyKnock is available in most states, making it more accessible than Unlock. It also has no minimum credit score requirements, so if your credit isn’t great (or your credit history is thin), it could be a convenient way to access your equity.