Aimée Bennett 
Mortgage Professional Finds Unlock HEA the Best Option to Pay Off Debt, Tackle Home Projects
Sometimes, doing some simple math can lead you directly to a simple, straightforward solution.
That’s exactly what Frank, a mortgage professional in the Pacific Northwest did, when he was looking to pay off debt and tackle some home improvement projects. Knowing he had accumulated significant equity in his home, he took time to research ways to access that equity. After exploring his options, the answer became clear: an Unlock home equity agreement (HEA) – which allowed Frank to access a lump sum without monthly payments – was the right fit for his needs.
Weighing the alternatives
Frank compared what he would pay in interest over the term of a home equity loan or HELOC to estimates of what his Unlock HEA could cost, understanding that what he ultimately pays Unlock will be based on how much his home’s value increases. For his situation, he decided an HEA was the preferred option when he compared the numbers.
“Plus, I have no monthly payment in the meantime,” he emphasizes. “Altogether, that makes the HEA at least as good a solution as other options. Once you really understand the HEA program, you can see that the long-term benefits can outweigh the costs.”
Frank carefully calculated the trade-off at the end, and is prepared for his HEA the settlement to be higher than the initial lump sum. “I am more than OK with that,” he explains. “Unlock helped me out at the beginning of the HEA, when I needed it, with upfront cash and no payments.”
Frank also appreciated that the process of obtaining the HEA was simple. His home equity officer explained the details thoroughly and factually. “I didn’t feel I was being steered in any direction,” he says. “It was A-1 service and everything went perfectly.”
Achieving Goals
With his HEA funds, Frank has paid off the debt he intended to. He’s also been able to complete work on his home, including repainting the exterior and re-landscaping the backyard. And he has some available cash. “It took the pressure off, and the peace of mind having that cash is huge.”
