Homeowner Success Story: Ray

Key Takeaways

• Ray was living paycheck-to-paycheck and took out several loans to keep up with rising expenses
• Tired of the debt, he began researching ways to access the equity he had built in his home.
• Reverse mortgages seemed complicated and other other options added more monthly payments to his obligations
• An Unlock home equity agreement provided a simpler way to get cash and better manage his finances

You’ve got to have an end game.  

That’s the advice from Ray, a North Carolina resident who had a financial goal, evaluated the options to reach the goal, and chose the path that was right for him. 

Not surprising words to hear from a long-time high school and college basketball coach and athletic director, and former Marine. Ray applied his philosophy from the court to his financial life and, as he says, found Unlock’s home equity agreement (HEA) his “perfect end game.” 

That “perfect end game” started when he purchased his home in 2009. “I always knew ownership was a good thing,” he says. “It will give you options in life.”      

Snowballing Expenses

He didn’t imagine needing the options he did, but he also didn’t imagine himself living paycheck to paycheck. In retrospect, he says he retired too early, especially since he was still dealing with financial responsibilities for two children and trying to cope with continuing inflation. He started driving for Uber and Lyft to bring in some extra income, but it wasn’t enough. Starting to get behind on bills, “things snowballed,” he says, and before he knew it, he’d taken out several small loans with rapidly accumulating interest. 

Knowing he needed to get his finances moving forward, he turned to that ownership position and began researching options to access his home equity. Finding Unlock through an online search, he contacted the company to learn more – and found that the HEA fit into his life plan and goals. Other options did not. He thought a reverse mortgage sounded complicated, and a home equity line of credit was out of the question because of its monthly payment. “I was trying to get rid of monthly payments and debt, and simplify my life,” he explains. “So why would I add another monthly payment with one of those options?” 

Making the Most of His Funds

With the funds Ray has received from his Unlock HEA, he has paid off all loans, including one for substantial dental work and another that enabled him to be with his brother in another state for a major surgery. He has made some improvements to his home, including completing a new deck and updating some plumbing. He plans to paint the interior of the house and is carefully considering a kitchen remodel and adding a shower.  

Importantly, he’s also been able to put almost a third of his HEA funds into savings. “This gives me a good buffer, especially with the continually rising costs we are facing.”  

The Plan

Ray’s ultimate plan is to sell his home in 10 years, when he’ll be ready to downsize. He is confident that he will be able to end his HEA at that time – and still put money into savings. That, and his retirement income, will provide what he needs for the life he envisions. In the meantime, as someone who takes great pride in his home, he is committed to keeping his property in excellent shape. He knows that will help secure the best price at the time of sale.   

For now, Ray is relishing the dramatically lower lever of stress in his life. “It’s so freeing,” he says. With only a mortgage payment, a vehicle loan payment and regular household bills to pay each month, he has no lingering loan payments and no creditors to worry about. “It’s simple, and the payments don’t exceed my retirement income.” 

“Unlock was the light at the end of the tunnel,” he concludes. “I just had to get into the tunnel and move forward. The HEA is the right choice for me.”