#Unison home plus#
#Unison home free#

However, most homeowners apply the co-investment to high-interest debts, fund a home renovation or second home, boost their nest egg, or invest the capital into a business idea or entrepreneurial venture.

#Unison home free#

You’re free to use the funds from Unison however you see fit. What You Can Spend the Cash of Unison HomeOwner On However, delays are possible, and it could take longer to close a deal. The process from application to funding can take about 30 days. To determine your property’s eligibility, input the address into the online tool, call a team member to learn more, or get pre-qualified for Unison HomeOwner online. If you own a second property, you may also be eligible for a co-investment with Unison. Unison will consider owner-occupied primary residences, including single-family homes, condominiums, and townhouses. However, Unison does not charge any additional application fee. The homeowner is also responsible for the appraisal cost and settlement fees. Unison assesses a one-time transaction fee of 3.0 percent of the initial co-investment to the homeowner, payable at closing. The amount most homeowners receive is generally lower than the maximum co-investment amount. You can unlock up to 17.5 percent of your home’s value through Unison HomeOwner. However, that option may not always be available and you may need to sell the home. An independent third-party appraisal or sales price determines this figure.ĭon’t want to sell or buy Unison out? At the 30-year mark, you may have the option to refinance your home and use a portion of the loan proceeds to pay Unison.

#Unison home plus#

When the agreement ends, you will pay Unison an amount equal to the co-investment plus Unison’s share of the home’s change in value. You also have the option to buy Unison out of the agreement after 5 years. You won’t make any monthly payments or accrue any interest, and only pay Unison when you sell your home, reach the 30-year maximum term, default on your agreement, or when the last homeowner on the agreement passes away. This arrangement, referred to as a home co-investment, is not a loan. Unison converts a portion of your home equity into cash and disburses it directly to you. That means Unison wins when you win – making a co-investment a true partnership, unlike loan offerings who profit by charging you interest. If you stay in your property for five years or longer, Unison will also share in the decrease of your home’s value when you sell or the term ends. Unison shares in the increase of your home’s value over time. Even better, you won’t pay Unison until you sell your home, reach the end of the 30-year term, or buy out the contract (which you can choose to do after 5 years in the agreement). You won’t be charged interest or incur additional debt with the transaction. Homeowners can use this program to convert a portion of their home’s equity into cash through a co-investment. GET STARTED What is the Unison HomeOwner Program?