Unlock: 2025 Home Equity Review

How Bankrate scored Unlock 

Affordability:  3.2/5

• APR/Payments: Unlock is not a loan, so it doesn’t have APRs. Unlike a home equity loan or HELOC, you won't have monthly payments or interest charges. 
• Fees: Unlock charges an origination fee of 4.9 percent of the lump sum investment — which is on the high side. You’ll also be responsible for any fees related to third-party services, such as a home appraisal or title search. If you refinance your mortgage or obtain another loan on your home, the company might charge you an administration fee and any recording fees.

While monthly payments or interest won’t be required with an Unlock agreement, the company does charge numerous upfront costs. While emphasizing that these vary greatly, Unlock’s literature gives as an estimate closing costs of $7,100 on an $100,000 investment payment, or 7 percent – well beyond the typical 2-5 percent range of home equity upfront fees. These results give Unlock a 3.2 out of 5 for affordability.  

Availability: 2.9/5 

• Credit score:  Unlock requires a FICO credit score of at least 500, about 120 points lower than most home equity lenders’ minimums.
• Loan minimum:  You must take out at least $30,000, a typical minimum for home equity products.  
• Loan products: Unlock only offers HEAs. While HEAs typically range from 10 to 30 years, Unlock’s agreements are limited to 10 years.  
• Footprint: Unlock is available in 14 states, including Arizona, California, Colorado, Florida, Michigan, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, and Washington.  

Unlock scores a 2.9 out of 5 for availability due to its 10-year agreement cap and limited national reach. 

Borrower experience: 3.1/5 

• Transparency: HEAs are a relatively new home equity product and how they work may be confusing to some homeowners. Unlock’s product guide does detail the process and how repayments are calculated, running through a variety of scenarios.
• Convenience: Unlock says it will only take about two minutes to find out how much equity you can access. After applying online, Unlock will connect you with a home equity consultant (HEC) to assist you throughout the process. 
• Customer service: Unlock has no physical branches, but you can apply for a HEA online or on the phone.  

While Unlock provides personalized support for homeowners, the lack of in-person service and the complex nature of HEAs — with its variety of calculations and jargon-laden terms— can be confusing, giving Unlock a 3.1 out of 5 for borrower experience.  

Unlock reputation

Unlock gets an A+ rating from the Better Business Bureau and as of this writing, Trustpilot gives the company a 4.7 rating. 

What consumers say about Unlock

On Bankrate, Unlock customers appreciate the absence of hidden fees and the quick processing time, saying, “The application process was super-quick and easy.” However, some customers complained about being denied due to a low credit score, despite Unlock advertising a 500 score minimum.

How to qualify for a home equity agreement with Unlock

The basic requirements for an Unlock investment are: the equity has to be tied to your primary residence; and you’ll need a FICO credit score of at least 500, along with a loan-to-value (LTV) ratio of 80 percent. (Don’t let the term “loan-to-value” mislead you  —  the home equity agreement isn’t a loan in the traditional sense.) You’ll also need to be taking out at least $30,000.

To qualify, you don’t need to be a certain age or earn a certain income, but your debt-to-income (DTI) ratio can’t exceed 45 percent. You also can’t have a bankruptcy, foreclosure (including deed-in-lieu) or short sale on your record within the past five years, nor more than three months of missed mortgage payments within the past two (or more than four months of missed payments within the past three).

In addition, if you have other liens on the property, you might be required to clear these (pay them) before Unlock makes an investment. You’ll also need to continue paying your homeowners insurance and property taxes, as well as paying your first mortgage if you have one.

How to apply with Unlock

You can start the process on Unlock’s website, where you can enter some basic information about your home. You can also reach the company by phone at 800-560-3450 or by email at hello@unlock.com.