Hometap vs. Unlock
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Quick Verdict
Choose Hometap if your property is a manufactured home. Choose Unlock if your credit score is on the lower end, or you want the option to pay down what you owe gradually instead of a lump sum.
Hometap and Unlock both offer 10-year HEIs/HEAs, so term length isn't the deciding factor here. The real differences are in eligibility, how you can settle up, and what happens if you pass away. The rest of this page compares them directly.
See Your Own Numbers for Both
Enter your home details to see what Hometap and Unlock would each actually cost you — plus Point, Unison, and Splitero — side by side.
Side-by-Side Specs
| Hometap | Unlock | |
|---|---|---|
| Contract term | 10 yrs | 10 yrs |
| Min Funding | $15,000 | $15,000 |
| Max Funding | $600,000 | $500,000 |
| Min credit score | 585 | 500 |
| Max Senior LTV | 75% | 75% (unconf.) |
| Max CLTV | 82.5% | 85% (unconf.) |
| Origination fee | 4.5% (capped) | 4.9% |
| Renovation adjustment | Offered | Offered |
| Manufactured homes | Eligible | Not eligible |
| LLC / trust ownership | Not permitted | LLC not permitted; trust unconfirmed |
| Hard credit pull | Unsure | No |
| Repayment on death | Not triggered | Triggered |
| State availability | 21 states | 26 states |
Cost Comparison
HEIs and HEAs don't have an interest rate, so the clearest way to compare cost is the actual dollar amount you'd owe at settlement. The table below shows both providers' payoffs under the exact same scenario, so the numbers are directly comparable. Both are estimates based on each provider's published formulas, not guaranteed payoff amounts.
Scenario assumptions
- $500K home
- 700 credit score
- $50K requested
- 10% LTV
- 3.5% annual home price growth
| Exit Year | Home Value | Hometap's Share | Unlock's Share |
|---|---|---|---|
| Year 1 | $517,500 | $60,076 | $59,950 |
| Year 3 | $554,359 | $86,729 | $86,184 |
| Year 5 | $593,843 | $97,984 | $106,892 |
| Year 7 | $636,140 | $114,505 | $114,505 |
| Year 10 | $705,299 | $126,954 | $126,954 |
Observations
- Hometap and Unlock cost about the same throughout this scenario.
- Hometap is a bit cheaper around year 5 ($97,984 vs. Unlock's $106,892).
- Otherwise, the two track closely all the way through year 10 — the last year both terms allow.
Where Each One Leads
Where Hometap Leads
- Higher funding ceiling. Up to $600,000 with Hometap, vs. Unlock's $500,000 cap.
- Death does not trigger repayment. If you pass away, your heirs can hold the agreement until it would normally settle — Unlock requires repayment within 180 days.
- Accepts manufactured homes. Unlock does not.
Where Unlock Leads
- Lower credit score requirement. 500 minimum vs. Hometap's 585.
- No hard credit pull. Applying doesn't affect your credit score — Hometap's policy here is unconfirmed.
- Pay down what you owe over time. Unlock is the only provider we track that lets you pay back a portion of what you owe before full settlement, instead of one lump sum at the end; Hometap requires a single lump-sum payoff.
Which Should You Choose?
Choose Hometap If
- Your property is a manufactured home
- You're requesting more than $500,000, up to Hometap's $600,000 max
- You want peace of mind that your heirs won't be forced to settle quickly if you pass away
Choose Unlock If
- Your credit score is below 585
- You'd rather avoid any hard credit pull during the application process
- You want the option to pay down what you owe gradually instead of one lump sum
In addition to the factors above, cost matters — see the cost comparison above, or run your own numbers to see what each would actually cost you.
Frequently Asked Questions
Is Hometap or Unlock better?
Neither is categorically better — both offer 10-year HEIs/HEAs, so the choice usually comes down to eligibility and how each settles up, not term length. Hometap accepts manufactured homes and doesn't trigger repayment on death. Unlock accepts lower credit scores, uses a soft credit pull only, and is the only provider we track that lets you pay down what you owe gradually instead of all at once. In our scenario, the two ran close throughout, with Hometap a bit cheaper around year 5 — check your own numbers before assuming either is cheaper for you.
Which has a lower credit score requirement, Hometap or Unlock?
Unlock's minimum is 500; Hometap's is 585. Unlock is more accessible for borrowers with lower credit scores.
Does either Hometap or Unlock require a hard credit pull?
Unlock uses a soft pull only, so applying doesn't affect your credit score. Whether Hometap does the same is unconfirmed — check directly with Hometap if this matters to you.
Can I use either Hometap or Unlock for a home renovation?
Both offer a renovation adjustment, but the terms differ. Hometap's has a $25,000 value-add floor, with no waiting period. Unlock's has a lower $10,000 floor, but requires following local building ordinances and obtaining any required permits to qualify.
What happens to my Hometap or Unlock agreement if I pass away?
With Hometap, your heirs aren't forced to settle early — they can hold the agreement until it would normally come due. With Unlock, your death triggers the agreement, and your heirs have 180 days to settle it.
Does Hometap or Unlock cost less?
It depends on how long you hold the agreement. In the representative scenario illustrated above, the two run close throughout, with Hometap a bit cheaper around year 5 — otherwise they track closely through year 10, the last year both terms allow. Run your own numbers for an exact comparison.
Get Real Offers From Both
Your actual numbers depend on your home's appraised value and your own details. The surest way to compare is a real offer from each.
Or compare all 5 in the cost calculator →