Unlock offers "shared equity agreements," which are effectively are super-simple loan alternatives. Agreements like this have been around for 15 years, yet very few homeowners know how they work.
1
Unlock gives you cash to essentially buy "shares" in your house.
You get between $15k-$500k up front, and in exchange, the company buys a stake in your home.
(They think your home's value will increase, so it's a good deal for them.)
2
You use the cash for anything you want or need.
There are no monthly payments because it's not a traditional loan.
You just sold part of your house to the company.
You can use the money however you'd like.
3
When you sell your house, they get a share of the sale price.
Or, if you'd rather, you can buy the company out of their investment (you typically can do this at any time).
