Unison is a relatively new company that focuses on using home equity to take out a loan. They are similar to a home equity line of credit but have some key differences associated with the product. They also offer a home buying product. They are currently licensed to operate in the following states:
- New Jersey
- New York
- North Carolina
- Washington D.C.
Per the Unison website their process is as follows for homeowners:
- Check to see if you qualify – Homeowners need to check to see if they qualify after answering some questions which typically takes 60 seconds or less.
- Unison makes you an offer – The offer is typically for between 5% to 20% of your home’s current value.
- Appraisal of home – Your home is appraised and the cost of the appraisal is paid for by you (typically $500 – 700).
- Unison pays you – You meet with a notary to sign the agreement and within a few days the money is transferred to you.
- Payback Unison – Unison is paid when you either sell your home, at the end of the term or during the term when you pay them back.
The entire process takes between 13 – 23 business days typically. This is much quicker than a standard reverse mortgage or a home equity line of credit. It does have some unique advantages to the product and it does allow borrowers under age 62 who were interested in a reverse mortgage but couldn’t qualify due to their age.
Unison has the following online reviews available:
- PT Money – 8.7 / 10 rating with PT Money
- Yelp – 3.5 / 5.0 rating with 7 reviews on Yelp
- BBB – A+ Rated and 2 /5 rating with 5 reviews on BBB
All reviews updated as of 9/18/18.