Unlock: 2026 Home Equity Review

How Bankrate scored Unlock 

Affordability:  3 stars

• APR: 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% of the lump sum investment — which is on the high side for this type of loan. 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 website gives as an estimate closing costs of $7,100 on a $100,000 investment payment, or about 7% — well beyond the typical 3% to 5% range of home equity upfront fees. These results give Unlock a 3 out of 5 for affordability. 

Availability: 4 stars

• Credit score:  Unlock requires a credit score of at least 500, about 120 points lower than many home equity loan and HELOC lenders’ minimums. Your debt-to-income (DTI) ratio can’t exceed 45%. 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 years (or more than four months of missed payments within the past three years).
• Loan minimum:  You must take out at least $15,000. You also need a loan-to-value (LTV) ratio of no higher than 80%. (Don’t let the term “loan-to-value” mislead you  —  the home equity agreement isn’t a loan in the traditional sense.) 
• 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 25 states, including Arizona, California, Florida, Hawaii, Idaho, Indiana, Kentucky, Michigan, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, Washington, Wisconsin, and Wyoming, as well as Washington, D.C.

Unlock scores a 4 out of 5 for availability due to its 10-year agreement cap and limited national reach. 

Borrower experience: 4.2 stars

• 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 officer to assist you throughout the process. 
• Customer service: Unlock has no physical branches, but you can apply for a HEA online and get questions answered over the phone, at 800-560-3450. 

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 4.2 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, based on 1,571 reviews.