I’m 72 and Own My Home Outright, I Almost Signed a Reverse Mortgage Until I Found This Instead

“Meet Joan, a retired teacher from Arizona who found a safer, smarter alternative to a reverse mortgage. She finally got the financial peace of mind she’d been looking for.”

By Joan S. ◦ June 12, 2025

Hi, I’m Joan and I Was This Close to Doing a Reverse Mortgage

I’m 72, retired, and have lived in the same home for over 30 years. It’s nothing fancy, but it’s mine. No mortgage, just a lot of memories, a little yard for my dog, and some creaky floorboards I’ve grown to love.

But like a lot of folks my age, retirement costs more than I expected. Between rising groceries, medical bills, and helping my grandson with college, my savings were thinning out fast.

So I started looking for options. That’s when the reverse mortgage ads started showing up on TV, in the mail, even my email.

They Make Reverse Mortgages Sound So Easy

“Use the equity in your home!”

“No payments ever!”

“Stay in your house for life!”

I thought, Why not? I wasn’t trying to live large, I just wanted to cover a few things and breathe a little easier.

So I called one of those companies.

Here’s What They Didn’t Mention in Their Reverse Mortgage Ads

The nice man on the phone gave me the basics, but when I read the documents… I got a pit in my stomach.

There were thousands in upfront fees.
My loan balance would grow every month, even if I didn’t touch the money.
If I didn’t keep up with property taxes or maintenance, I could lose the house.
And when I passed, my daughter might not inherit the home at all, just whatever was left after the lender took their share.

I didn’t like the idea of giving up control of the one thing I’d worked my whole life for…so I paused and tried to find a different option.

That’s When I Found Unlock.com

A friend from church mentioned something called Unlock, a way to access cash from your home that works differently from traditional loans.

At first, I didn’t get it. No payments? What’s the catch?

But I called them, and the woman I spoke with actually took the time to explain everything clearly.

Here’s What I Learned (and Why I Said “Yes”)

Unlock offers something called a Home Equity Agreement (HEA). You’re not borrowing anything. Instead, you receive a lump sum of money now in exchange for a share of your home’s future value when you sell or refinance down the line.

No monthly payments.
No risk of foreclosure if you fall behind on taxes.
And the fees? A fraction of what the reverse mortgage company quoted me.

The best part? I stay on the title. I keep the house. And I can pass it on.

Quick Comparison Between Unlock and a Reverse Mortgage:

What I Used the Money For

I didn’t splurge. I…

Paid off a lingering medical bill
Helped my grandson with tuition
Fixed the AC before summer (thank goodness)
Set some aside (just to feel safer)

It gave me breathing room, not just financially, but emotionally.

If You’re Over 60 and Own a Home, Read This

Reverse mortgages aren’t evil, but they’re not for everyone. I almost signed without realizing how much I’d be giving up.

With Unlock, I didn’t feel rushed. I didn’t feel tricked. I felt like someone actually looked at my situation and said, Let’s find something that works for you.

If you’re sitting on home equity, but don’t want debt or drama, I really recommend you look into Unlock. Not everyone will qualify, but many will.

No hard credit check. No pressure. Just honest options. It’s free to check →

Terms and conditions apply. Some applicants will not qualify. Not available in all states.

Unlock Agreements are provided exclusively by Unlock Partnership Solutions Inc., Unlock Partnership Solutions AO1 Inc., Unlock Partnership Solutions AO2 Inc., and Unlock Homeownership Solutions Inc., all of which are wholly-owned subsidiaries of Unlock Technologies, Inc. (collectively, “Unlock”).

Unlock holds the following Real Estate Broker licenses: Arizona – CO698434000; California – 02141737; Colorado – IC100092644; D.C. – REO40000074; Florida – CQ1062618; Hawaii – RB-23715; Illinois – 478027520; Massachusetts – 423954; Michigan – 6505431174; Minnesota – 40797638; Nevada – B.1002613; New Jersey – 2185646; North Carolina – C33769; Oregon – 201243836; Pennsylvania – RB069442; South Carolina – 25463; Tennessee – 265329; Utah – 12139955-CN00; Virginia – 0226033193; and Washington – 21010143.

The applicable Unlock entity enters into the Unlock Agreement directly with consumers and does not act as an agent or broker on behalf of any third-party. No agency relationship shall be formed between any Unlock entity and a consumer pursuant to or in connection with an Unlock Agreement. All Rights Reserved. Other terms and restrictions apply.

Each home equity agreement (HEA) is subject to additional individual underwriting review.
All transactions are subject to verification of your credit (with a soft credit pull), identity, property value, home insurance, title, and outstanding property liens. Other verifications may be required.
Unlock may also require HEA proceeds to be used to clear any pre-existing liens as a condition to close.
The following limitations shall apply in all cases: no bankruptcy, foreclosure action, short sale, or deed in lieu within the previous five years; no 90-day delinquencies on any mortgage within the prior 24 months.
In most cases, Unlock must be in no greater than 2nd lien position and the property must be clear of any liens deemed unacceptable by Unlock in its discretion.
A minimum HEA amount of $15,000 is required on all transactions.
Property condition rating, as described in the Uniform Appraisal Dataset (UAD), must be at least C4 or better and properties for which comparable valuations, in the discretion of Unlock, do not exist may be ineligible.
Not available in all states.
To secure the performance of your obligations under HEA, Unlock will place a lien on your property in the form of either a “performance deed of trust” or a “performance mortgage” depending upon which state the property is located. The lien is terminated when you settle your HEA.
Unlock charges up to a 4.9% origination fee and other third party paid closing costs such as appraisal, title, and government fees.
The home equity agreement term is 10 years.
The timeline to funding of approved HEAs may vary depending on when the homeowner submits a completed application and all supplemental documents are received and verified.
An affiliate of Unlock Technologies, Inc., Unlock Home Equity Solutions Inc. d/b/a Unlock and/or Unlock Technologies (“UHES”) has applied for certain licenses which may be pending. UHES does not presently offer home equity agreements in any state where such products must be offered as a licensed mortgage product or any other type of licensed financial product.
Please contact us for more information at hello@unlock.com.
For additional information please review the Unlock Product Guide.