I was running out of cash and needed to make ends meet. My home equity agreement saved me.
This as-told-to essay is based on a conversation with Eileen Perry, a 57-year-old from North Carolina. Perry entered a home equity agreement with the financial services company Unlock to access her home equity. This conversation has been edited for length and clarity.
I'm originally from New Jersey, where I lived with my husband and my son. In 2023, my husband passed away suddenly from pancreatic cancer. He left me well-off enough that I was able to buy a home in North Carolina for $260,000 outright, in cash.
Unfortunately, timing is everything. I had an on-the-job injury; I broke my back, and I'm still suffering from back issues. I'm currently waiting for my permanent disability Social Security, so I have no income. My son, who lives with me — he's 27 — is also disabled and unable to work right now. So the two of us have no income.
We've been in North Carolina for almost two years, and my sister has supported us. But I didn't want to keep relying on her. I knew I owned 100% of my home's equity and thought, "Maybe there's something I can do with this."
I tried to get a home equity loan, or a Home Equity Line of Credit (HELOC). But because I have no income, and had fallen behind on all my credit cards and bills, my credit score took a major dive. I couldn't qualify. I even tried to get a loan with a cosigner, but my application was denied.
It felt like everyone was closing a door in my face, but I still thought, "There has to be someone out there who can help me."
An HEA was the right solution for me
I was scouring the internet when a home equity company, Unlock, popped up. I started researching home equity agreements and thought it could be a perfect fit for me.
Unlock's home equity agreement (HEA) is different from a loan, HELOC, or reverse mortgage, which typically has an age requirement. Instead of owning the deed or title to a home, they place a lien on the property.
Homeowners access their equity by receiving an investment payment from Unlock. In exchange, the company receives a percentage of the home's value.
There are no monthly payments, and homeowners can buy out their agreement at any point within 10 years, either with partial payments or all at once. For many homeowners, the equity buy-back happens when they sell their home.
To qualify for an agreement, I needed a valid ID, proof of ownership of my home, and a credit score of at least 500, which was great for me. I also needed current and up-to-date homeowner's insurance.
My $45,000 home equity agreement became effective in September 2024. After paying $2,205 to Unlock for an origination fee, $340 for the home's appraisal, and $720 for settlement costs, I received $41,735 in October for my first HEA.
In May 2025, I needed more funds for day-to-day expenses, so I canceled the original HEA balance and replaced it with a new HEA agreement totaling $93,500.
My funds have paid off outstanding property taxes and other bills I wouldn't have been able to cover. They also helped us afford everyday expenses like groceries and gas. I finally have peace of mind and can sleep at night.
An HEA has changed my life for the better
It's been almost two years since my husband passed away. There were days when I didn't know how my son and I were going to eat, whether we would be sitting in the dark, or where we were going to live.
Having a home equity agreement has truly been a gift — call it divine intervention.
I'm now selling my house to move back to New Jersey. Of course, certain things are required to put your home on the market or pass inspection, like having an air conditioning system and bathrooms with good plumbing.
In February, the plumbing in my house went out completely. I had no shower or toilet for almost two months. The bathrooms had to be completely remodeled because of severe water damage. The influx of money helped me pay for a new line when my homeowner's insurance wouldn't cover it. That line alone cost nearly $6,000, just for the plumbing.
Without the money from the home equity agreement, I doubt I'd be able to sell my home.
In May, my home was appraised at $290,000. Since I received a $93,500 investment — about 32.24% of the home's value — if I sell this month, I'd owe about $94,000 of my home's equity.
Initially, my friends and family were hesitant about me taking on a home equity agreement because they feared I might get a much higher interest rate, or they were concerned about how I was going to pay the money back.
But I knew I wasn't going to be staying in North Carolina forever, and putting my house on the market was going to be the next option. I didn't think getting an HEA agreement would be a problem because I would have a profit left over after I sold my home.
This experience has been life-changing.
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