In what situations would Unison not be the right option?
Frequently Asked Questions
In what situations would Unison not be the right option?
A Unison equity sharing agreement is a unique home financing product that presents a great solution for some people, but it is not the right fit for everyone. First and foremost, Unison is designed for long-term use—a Unison agreement is not right for you unless you plan to stay in your home for at least five years. Many of the agreement’s best features, including Unison’s commitment to share in any loss of home value alongside you, only kick in after five years. For more information, please see the FAQ entry on the Unison “Restriction Period.”
Unison equity sharing agreements are typically for homeowners who live in the home. Additionally, though a Unison agreement is not a loan, it is also not compatible with certain kinds of loans. Reverse mortgages, interest-only loans, shared appreciation loans, or any loan with a negative amortization feature won’t work alongside Unison.
How the title to your home is held can also affect your eligibility. Typically, Unison can only offer equity sharing agreements to homeowners who hold their homes as individuals and joint tenants, not tenants-in-common or other forms of holding.
Finally, Unison customers may experience constraints when attempting to refinance their mortgage once they have entered an equity sharing agreement with Unison. We recommend that customers who are interested in refinancing their home loan do so before choosing to work with Unison—please see the FAQ entry on refinancing for more information.
Bottom line: Unison is unique, and so are you. If you're interested in learning whether you and your home qualify, please feel free to apply.
Additional FAQs
- What is an Equity Sharing Agreement?
- How much funding is available?
- How long is the term and what happens at the end?
- If I partner with Unison, who owns the home?
- What percentage of the future change in the home’s value will Unison share?
- How does Unison secure its interest in the property?
- Does Unison benefit from the equity that is built as I pay down my mortgage?
- What is the Risk Adjustment and how does Unison determine my home’s starting value?
- In which states are Equity Sharing Agreements available?
- What is the Owner Occupancy Requirement?
- What kind of properties are eligible?
- Am I allowed to rent my property in the future?
- What is the "restriction period"? Can I sell my home at any time?
- What does Unison need to know in order to determine whether they will invest in my home?
- Why does Unison require a home appraisal and is it accurate?
- What do I need in order to qualify for a Unison equity sharing agreement?
- What are the costs associated with Unison?
- How does Unison store and protect my information?
- Do you have to check my credit? When does that happen?
- How does Unison assess my property?
- Will Unison share in the value of my home improvements?
- What happens if I get behind on home maintenance?
- What happens if there is a foreclosure?
- What happens if I can't make my mortgage payments and default?
- How does Unison affect my taxes?
- If I choose a Unison equity sharing agreement, can I still refinance in the future?
- What if something happens to me during my agreement?
- How is Unison's profit or loss calculated upon sale?
- Can I buy out Unison's investment in my home?
- What happens when I decide to sell my home?
- Who decides when our partnership ends? Can you force me to sell my house?
- Is it possible I could end up owing Unison back less money at the end than I received at the beginning?
- Does Unison share in selling costs?
- What is a Deferred Maintenance Adjustment?
- What is the Equity Appreciation Limit and how does that affect my payment to Unison during the Restriction Period?
- Who is Unison?
- What is Unison’s business model?
- How do I know if I can trust Unison?
- Where does Unison’s funding come from? Who are your investors?