We Compared the Top Home Equity Vendors and Found a Clear Winner
Here’s a scenario that’s become pretty common: you own a home, and whether your mortgage rate is fantastic or not so fantastic, your house is now worth a lot more than when you bought it. Maybe you’re staring down a kitchen remodel, a roof that needs replacing, or just a pile of higher-interest debt you’d like gone. On paper, you’re sitting on a pile of money. In real life, that money is locked inside your walls, and the only ways to get it out have historically been a home equity loan or a HELOC; both of which mean a new monthly payment and interest piling up, on top of whatever you’re already paying.
Over the last few years, a different option has shown up: the home equity investment, sometimes called a home equity agreement.
The Basic Idea
Instead of lending you money, a company essentially buys a small slice of your home’s future value. They hand you cash today. In exchange, when you sell, refinance, or the term ends, they get their money back plus a cut of however much your home went up in value.
You get a lump sum now. You owe nothing monthly. When the agreement ends, you pay back their original investment plus a share of your home’s appreciation (or, in rarer down-market cases, they can share in a loss too). That’s it, that’s the whole mechanism.
Two names keep coming up in this space: Unlock, Point and Splitero. They do roughly the same basic thing, but the differences between them actually matter quite a bit depending on your situation. Here’s the breakdown, without the sales pitch.
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Features
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Minimum Credit Score Needed
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500
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500
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500
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Amount
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$15K - $500K
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$30k - $600k
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$50K - $500K
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Length
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10 years
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30 years
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30 years
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Time to Fund
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30 - 60 days
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3 weeks
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2+ weeks
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Minimum Equity
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30%
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~27%
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30%
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Income Requirements
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No
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No
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No
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Minimum Home Value
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$175,000
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$140,000
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$200,000
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Number of States Covered
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26
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28 + DC
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13
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Fund Use Restrictions
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No
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No
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No
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Transaction Fee
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4.90%
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3.90%
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4.99%
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|---|---|---|---|
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Features
|
|
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Minimum Credit Score Needed
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500
|
500
|
500
|
|
Amount
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$15K - $500K
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$30k - $600k
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$50K - $500K
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Length
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10 years
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30 years
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30 years
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Time to Fund
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30 - 60 days
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3 weeks
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2+ weeks
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Minimum Equity
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30%
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~27%
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30%
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Income Requirements
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No
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No
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No
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Minimum Home Value
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$175,000
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$140,000
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$200,000
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Number of States Covered
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26
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28 + DC
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13
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Fund Use Restrictions
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No
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No
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No
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Transaction Fee
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4.90%
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3.90%
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4.99%
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Best If You Want to Pay It Back Piece by Piece
Most of these companies want their money back in one shot, at the end. Unlock stands out because it lets you make partial payments along the way instead of waiting for a single big settlement. If the idea of owing one large number ten years from now makes you nervous, that flexibility is worth something. Unlock is also fairly loose on property type, it’ll work with second homes, rental units, and multi-unit buildings that some competitors won’t touch, and it doesn’t lean hard on credit score or income the way a traditional lender would.
- Good fit for
Homeowners who like the idea of chipping away at the balance over time rather than facing one big payoff day, or anyone with a rental or second property that other providers won’t finance.
Best If You Want Maximum Breathing Room
Point gives you up to 30 years to settle up, which is a completely different animal than a ten-year clock. That kind of runway matters if you’re older, if you’re not sure when or if you’ll ever sell, or if you just don’t want a deadline hanging over you. Point is also one of the few that will work with investment properties and LLC-owned homes, which makes it a favorite among real estate investors. It’s been around since 2015, longer than most of its rivals, and it operates in a wide range of states.
- Good fit for
Homeowners who want to set it and forget it, retirees who’d rather let the agreement resolve through their estate than worry about a hard deadline, and real estate investors.
Best If You Want Your Payoff Timed to Your Mortgage, Not a Fixed Calendar
Splitero’s signature feature is something it calls Maturity Match: instead of picking an arbitrary term length, your home equity agreement is timed to line up with however much is left on your actual mortgage. It also tends to work with lower credit scores than some competitors, doesn’t ask about income or employment at all, and moves quickly, often pre-approving within a day or two. The trade-off is that its fees can run a bit higher than the others, and it repays in one lump sum rather than letting you chip away at it.
- Good fit for
Homeowners with less-than-perfect credit, self-employed or retired folks without traditional income to verify, and anyone who likes the idea of their equity agreement quietly ending whenever their mortgage does.
So Which One Is Actually "Best"?
Honestly? There isn’t one. That’s not a cop-out, it’s just how this product works. The right pick comes down to 4 questions:
One Last Thing, Seriously
One last thing worth keeping in mind: whichever company you’re leaning toward, remember what you’re actually doing; you’re not borrowing money, you’re sharing a piece of your home’s future growth with someone else. If your neighborhood really takes off in value over the next several years, that slice you gave up could end up being worth more than what a traditional loan would’ve cost you. That doesn’t make these products a bad deal, they’re genuinely useful, especially if you don’t want a new monthly payment or can’t easily qualify for one. It just means the real cost isn’t always obvious at first glance, so it pays to actually shop around. Get quotes from more than one company, since terms and offers can vary more than you’d expect. And before you sign anything, run the numbers on a few different scenarios and maybe loop in a financial advisor.
Funding in 30-60 days
Unlock – Home Equity Agreement
NMLS ID #2657081
Access $15K to $500K from your home’s equity with flexibility and no monthly payments.
Funding in 3 weeks
Point – Home Equity Agreement
NMLS ID #1610752
Receive up to $600k of your home equity, your way. Choose maximum flexibility.
Funding in 2+ weeks
Splitero – Home Equity Investment
NMLS ID #2327455
Receive up to $500,000 of your home equity, without another monthly payment.
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Home Equity Agreement Disclaimer
Home Equity Agreements (HEAs), and Home Equity Investments (HEIs), are not traditional loans and may have different terms, costs, and regulatory treatment depending on the provider and the state in which you live. An HEA generally involves receiving funds today in exchange for sharing a portion of the future value or appreciation of your home.
Because the agreement is secured by an interest in your home, certain events (such as selling the property, refinancing, or reaching the end of the agreement term) may trigger repayment or settlement obligations. Depending on the terms of the agreement and changes in your home’s value, the amount you ultimately owe or give up may be greater than the amount you initially received.
Before entering into an HEA or HEI, carefully review the complete agreement, including fees, settlement terms, valuation methods, repayment obligations, and any potential impact on your home. Consider consulting a qualified financial, legal, or tax professional to determine whether the product is appropriate for your individual circumstances.
SavviestSaver.com does not guarantee that any particular home equity product is suitable for your financial situation or that you will qualify for any offer discussed on this website.
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