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.
In this guide:
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
Several companies offer home equity sharing agreements like Unlock, though each varies slightly in its geographic service area, credit score requirements, investment amount, and other details.
Use the table below to compare Unlock with its main competitors: Unison, Hometap, and Point.
| Unlock | Unison | Hometap | Point | |
| Min. credit score | 550 | 620 | 500 | 500 |
| Max. LTV | 80% | 70% | 75% | 80% |
| State availability | AZ, CA, CO, FL, MI, MN, NC, NJ, NV, OR, SC, TN, UT, VA, and WA | AZ, CA, CO, DE, FL, IL, IN, KS, KY, MA, MI, MN, MO, NE, NV, NJ, NM, NY, NC, OH, OR, PA, RI, SC, TN, UT, VA, WA, WI, DC | AZ, CA, FL, MI, MN, NJ, NY, NV, NC, SC, OH, OR, PA, VA, UT, WA | AZ, CA, CO, FL, IL, MA, MI, MN, NV, NJ, NY, NC, OH, OR, PA, VA, WA, DC |
| Investment amount | $30,000 – $500,000 | $30,000 – $500,000 | $15,000 – $600,000 | $25,000 – $500,000 |
| Term length | 10 years | 30 years | 10 years | 30 years |
| Fees | 3% transaction fee, appraisal costs, and third-party settlement costs | 3.9% transaction fee, appraisal costs, and third-party settlement costs | 3% transaction fee, appraisal costs, and third-party settlement costs | 3 – 5% transaction fee, appraisal costs, and third-party settlement costs |
| Buyout options | Lump-sum or partial | Lump-sum | Lump-sum | Lump-sum |
| Our rating | 4.7 out of 5 | 4.4 out of 5 | 4.6 out of 5 | 4.4 out of 5 |
| Prequalify | Cash estimate | Cash estimate | Cash estimate | Cash estimate |
Unison
- Investments from $30,000 to $500,000
- Term length of 30 years
- Get a cash estimate in just 60 seconds
Unison is a home equity sharing company with nearly a decade of experience. The company is based in San Francisco, though it serves customers across the U.S.
What makes it a good alternative to Unlock?
Unison is more widely available than Unlock, serving customers in a dozen more states. It also has a longer term limit, meaning you won’t have to pay it off as quickly. This can be ideal if you plan to stay in the home for the long haul.
Hometap
- Investments from $15,000 to $600,000
- No out-of-pocket costs
- Excellent customer reviews
Hometap is another company that allows homeowners to sell a portion of their home equity for cash. The company is based in Boston and has been in operation since 2019.
What makes it a good alternative to Unlock?
Hometap stands out from Unlock for two reasons. First, it’s available in more states (it serves New York, Ohio, and Pennsylvania, while Unlock does not). Hometap also boasts a higher maximum investment amount. With Hometap, you can get up to $600,000, whereas Unlock maxes out at just $500,000.
Point
- Investments from $25,000 to $350,000
- No prepayment penalty
- Promotional pricing when funds are used for eligible home improvements
Point is a company based in Palo Alto, California, that offers home equity sharing agreements, home equity lines of credit (HELOCs), and “SEED” investments, which can help homebuyers with their initial down payments. The company has been operating since 2015 and has great reviews from customers.
What makes it a good alternative to Unlock?
Point is relatively comparable to Unlock but is available in slightly more states. Point and Unlock have the same credit score minimum, maximum investment amount, and LTV limits (80%).
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.
| Unlock | Figure | EasyKnock | |
| Product | Investment | HELOC | Home-sale leaseback |
| Min. credit score | 550 | 640 | No minimum |
| Min. income | N/A | Must have verifiable employment and income | N/A |
| Max. LTV | 80% | Up to 85% | 75% |
| State availability | AZ, CA, CO, FL, MI, MN, NC, NJ, NV, OR, SC, TN, UT, VA, and WA | AK, AL, AR, AZ, CA, CO, CT, FL, GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, VA, VT, WA, WI, WY, DC | Available in most states |
| Amount you can receive | $30,000 – $500,000 | $15,000 – $400,000 | $60,000 to $450,000 |
| Term length | 10 years | 5, 10, 15, or 30 years | Lease term of 12 months with five years to purchase your home back |
| Fees | 3% transaction fee, appraisal costs, and third-party settlement costs | Origination fee, deducted from your credit limit | Closing costs, pre-sale repairs, and a processing fee of 3.99% |
| Prequalify | Cash estimate | Rate estimate | Check eligibility |
Figure
- Flexible terms, redraw up to 100%, borrow up to $400K
- Use to consolidate debt or finance your next project
- Digital app & online appraisal
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 been in operation since 2018.
What makes it a good alternative to Unlock?
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
- Receive funds in less than 30 days
- Stay in your home after the sale
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 home 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 been in operation since 2018.
What makes it a good alternative to Unlock?
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.