Customer Success Story: Frank

‘Whoever thought of this concept was brilliant’ 

Interest rates shot up. Home-buying and selling activity dropped. Income decreased. Bills kept coming and debt increased. 

For a mortgage professional, this scenario hit home – literally.  

During the industry downturn, Frank’s credit score was still good. He also had a large home with plenty of equity. But accessing that equity proved challenging, as the income requirements for many equity-based loans took them out of the mix. Cash-out refinancing was also out of the question, as Frank didn’t want to give up the very low interest rate on his mortgage that he secured a few years earlier. So, when he found Unlock online, he decided to look further.  

“The company name was interesting,” he says. Then he did the math and figured out that a home equity agreement (HEA) would not only be a short-term answer, but a smart alternative to other ways to access home equity. 

“Whoever thought of this concept was brilliant,” he says.  

“Clearly, not having a monthly payment is very attractive. More than that, if you really understand the program, you can see that the long-term benefits can outweigh the costs for a homeowner.” 

He knows that what he will ultimately pay Unlock will be based on the increase in his home’s equity. For his particular situation, he has calculated that his effective interest rate on that increase will likely be in the single digits when he ends his HEA in a few years. “Compared to what I would pay over time on a home equity loan or HELOC, this is at least as good,” he says. “Plus, I have no monthly payment in the meantime.” 

The process of obtaining the HEA was simple, he says. His Unlock representative 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.” He came away impressed. “I’m now a big believer in HEAs.” 

With his HEA funds, Frank has paid bills and paid off debt. He’s also been able to complete some work on his home, including repainting the exterior and re-landscaping the back yard. And he has some available cash. “It took the pressure off, and the peace of mind having that cash is huge.” 

Frank plans on ending his HEA when he sells his home, likely in the next four to five years. When that happens, “we all win,” he says. “Unlock helped me at the beginning with no payments,” he explains. “I’ll be paying for that at the end, and paying more than what I received in cash because Unlock made my life so much better at the beginning. I am more than OK with that.”