Unison would take a percentage share of the future appreciation. Let's say you bought a property for $200,000, and it's worth $250,000 when you sell it 30 years later. As with Hometap, you can still do renovations to your home if you choose. Instead of paying interest or making monthly payments as you would with a home equity loan, you share a portion of your home’s value with Unison when you decide to sell your home. Unison co-invests in your home by giving you cash in the form of an equity withdrawal. Hometap is available to residents in the following states: Arizona, California, Florida, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Virginia, and Washington. Hometap also has no prepayment penalties. If your home value happens to go down instead of up, Hometap shares in the depreciation as well. Hometap gets a percentage of your new home value when you sell. You could pay off Hometap with savings, take out a loan, or sell your home. You must settle Hometap’s investment within 10 years. It allows a range of real estate including primary residences, vacation homes, and rental properties. Hometap will evaluate your credit, income, and property to determine whether you qualify. You can do whatever you want with the money, including financing home improvement projects, buying a new car, or funding a child’s college education. You can request up to 30% of your home's value (up to $600,000), depending on how much money you need. The company sends you the money (after deducting 3% in closing fees, including appraisal fees, title charges, and government recording and transfer charges) as a lump sum soon after closing.
Hometap agrees to pay you an agreed-upon amount of your current appraised value. Let's say you realize that your home, which is valued at $200,000, needs a comprehensive renovation. If you have home renovations you want to complete, you still could. Hometap doesn't dictate what you can or can't do with the home as long as the mortgage, taxes, and insurance are paid. You can settle your investment any time within the next 10 years.
Instead, you can exchange your equity for payment now, and Hometap will take a share of the home's future value. Hometap, a home equity sharing agreement, doesn't require homeowners to take out a loan to access their home equity. Up to $500,000 or 17.5% of your home’s valueġ3.9% to 16.7% of the home’s appraised value at settlement, sale, or refinancingĢ0% to 70% of the home’s change in value at settlement Up to $600,000 or 30% of your home’s value Which home equity company should you choose?.4 important differences between Hometap and Unison.What both home equity companies excel at.Importantly, they will also recommend ways of protecting your mortgage payments against the unexpected. We will then search the market to find a suitable deal for you. As well as finding you a suitable mortgage at a competitive rate, your adviser will tell you about other costs you will have to pay, and guide you through the entire application and approval process. We will explain the various types of mortgages and recommend the most appropriate for your circumstances. We will ask you about your finances and help you work out how much you can afford to borrow. If you decide to go ahead with our recommendations, we will reduce our usual fee to just £249 – which is £246 off our usual fee of £495. Our job is to find you the right mortgage whatever your situation:Īll UNISON members can access a complimentary, no obligation consultation with one of Lighthouse’s independent mortgage advisers.
We are proud to be the UNISON Living partner for mortgage advice you can trust. UNISON Living’s trusted partner can help you save on the most important thing you’re ever likely to buy. Independent mortgage advice at preferential rates.
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