‘Thank you, Unlock. Thank you, home equity agreements.’
Chris is a man with a plan. But it wasn’t that way a few years ago.
A state government employee, Chris was happily working in a grant-funded position several years ago. Then COVID-19 hit. All grants were cancelled. At the same time, he found himself caring for his mother, with rapidly progressing dementia, and her ill husband. The single dad also had a son starting high school – remotely.
Searching for a job during the pandemic wasn’t easy, he says, especially one that could accommodate his family needs. While he was able to get a part-time position with a school district, it didn’t pay much. Down the line, he thought he would be able to secure another position with the state, but in the meantime, was struggling. “When you have responsibilities, the bills are coming in and your credit cards are maxed out, it’s scary,” he says. “Every day, I was sitting with the question of what to do. I wondered if I’d have to sell everything I owned.”
Searching for an alternative to traditional loans
Although he was carefully living on a very small amount of money, he still needed to turn to credit cards to help pay for essential expenses. As his debt rose, his credit score fell. He knew he had equity in his home, and accessing it could give him the cash he needed to stay afloat. He quickly found, though, that his damaged credit couldn’t qualify him for a traditional equity loan, like a home equity loan or home equity line of credit. And even if he had been able to qualify, he knew he could not handle another monthly payment at the time.
So, when he found Unlock’s home equity agreement (HEA), it seemed like the perfect solution. In fact, he wondered if it was almost too perfect. He was leery at first and asked himself, “Is this a scam?” a few times. But as the Unlock representative explained the process, he became more comfortable. “The rep was available anytime I reached out, and very good at responding back when she needed to,” he says.
The HEA gave Chris what he needed to meet ends meet during the tough time he was going through. “It really helped me out of a situation that could have gotten really bad,” he says. “I just felt so relieved that there was an option out there.”
Back with a plan
Today, Chris is indeed back working for the state government in a new position. With his HEA funds, he has paid off his credit card debt, and completed some work on his home’s exterior. Among his projects have been a French drain to prevent flooding and moisture-related problems, and an updated patio area that’s providing a place for friends and family to gather.
Going forward, he has plans to buy back my equity soon. Now that his credit score is back up, he is considering a home equity line of credit to do so. He’s also looking at another HEA to help secure his future, where he’d use the funds to help purchase a condo for his retirement. Then he would have the option to sell his house when he’s ready. “The Unlock home equity agreement can work in so many ways to help people catch up or get ahead.”
“It really worked for me,” he concludes. “Thank you, Unlock, and thank you, home equity agreements.”
