Splitero vs. Unlock
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Quick Verdict
Choose Splitero if repayment ability is a concern, or you own the property through an LLC or trust. Choose Unlock if you need less than $50,000, or want the option to pay down what you owe gradually instead of a lump sum.
Splitero's term is mortgage-linked — it matches your remaining mortgage, with a 10-year floor and a 30-year cap. Unlock offers a fixed 10-year term instead, so Splitero's term could match Unlock's exactly, or run much longer, depending on your own mortgage payoff schedule. If you're still working out what term structure fits you, see Choosing a Term Length.
See Your Own Numbers for Both
Enter your home details to see what Splitero and Unlock would each actually cost you — plus Point, Hometap, and Unison — side by side.
Side-by-Side Specs
| Splitero | Unlock | |
|---|---|---|
| Contract term | 10–30 yrs (variable) | 10 yrs |
| Min Funding | $50,000 | $15,000 |
| Max Funding | $500,000 | $500,000 |
| Min credit score | 500 | 500 |
| Max Senior LTV | 70% | 75% (unconf.) |
| Max CLTV | 75% | 85% (unconf.) |
| Origination fee | 4.99% | 4.9% |
| Renovation adjustment | Not offered | Offered |
| Manufactured homes | Not eligible | Not eligible |
| LLC / trust ownership | Permitted | LLC not permitted; trust unconfirmed |
| Hard credit pull | Yes | No |
| Repayment on death | Not triggered | Triggered |
| State availability | 14 states | 26 states |
Term Structure: Mortgage-Linked vs. Fixed 10 Years
Splitero's term lasts as long as your remaining senior mortgage, with a 10-year floor and a 30-year cap. Unlock's term is a fixed 10 years for every borrower instead — so Splitero's term could match Unlock's exactly, or run much longer, depending on your own mortgage payoff schedule. If you're still working out what term length or structure fits you, see Choosing a Term Length.
Splitero's Mortgage-Linked Term Fits If
- You want your agreement to come due right when you have the least mortgage debt and the most equity in your home — not an arbitrary calendar date
- Your mortgage has more than 10 years left — Splitero's term matches it, up to 30 years, well past Unlock's 10-year cap
- You like the idea of your HEI settling alongside a financial milestone you're already planning for, rather than a separate deadline to track
Unlock's Fixed 10-Year Term Fits If
- You already have a clear exit plan — a likely sale, refinance, or payoff within 10 years
- You'd rather have a defined end date than one tied to your mortgage timeline
- You're comfortable knowing that if you haven't settled by year 10, a sale or refinance may be required
Editor's take: We think Splitero's term structure — 10 to 30 years, linked to your mortgage's own payoff, with a 10-year floor — is one of the more thoughtful designs in this space. In our view, the biggest risk with any HEI or HEA is being forced to sell your home before you're ready, at the end of a fixed term that has nothing to do with your actual financial position. Splitero's structure makes that scenario far less likely. Your term ends right around when your mortgage is paid off, leaving you with lower debt, higher equity, and higher cash flow. That's generally the easiest moment to refinance or otherwise settle up instead of selling. Worth noting: this is probably as much smart business design (a forced-sale story is a real risk to this whole industry) as it is generosity toward borrowers — but the incentives line up well either way.
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 | Splitero's Share | Unlock's Share |
|---|---|---|---|
| Year 1 | $517,500 | $59,775 | $59,950 |
| Year 3 | $554,359 | $85,432 | $86,184 |
| Year 5 | $593,843 | $118,769 | $106,892 |
| Year 7 | $636,140 | $127,228 | $114,505 |
| Year 10 | $705,299 | $141,060 | $126,954 |
| Year 20 | $994,894 | $198,979 | 10-yr max term |
| Year 30 | $1,403,397 | $280,679 | 10-yr max term |
Observations
- Splitero and Unlock cost about the same through year 3.
- Unlock becomes noticeably cheaper starting around year 5, and stays cheaper through year 10 — the last year its term allows.
Where Each One Leads
Where Splitero Leads
- 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.
- Trust and LLC ownership allowed. Splitero is the only provider we track that confirms both are permitted; Unlock doesn't permit LLC ownership, and its trust policy is unconfirmed.
- Matures alongside your mortgage. Settlement lands when your mortgage debt is lowest and your equity and cash flow are highest, instead of a fixed 10-year date — see Term Structure above.
Where Unlock Leads
- Lower minimum request. $15,000 with Unlock, vs. Splitero's $50,000 — the widest gap between any two providers we track.
- No hard credit pull. Applying doesn't affect your credit score; Splitero requires a hard pull.
- Renovation adjustment. Eligible home improvement value is excluded from Unlock's appreciation share; Splitero has no equivalent.
- 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; Splitero requires a single lump-sum payoff.
Which Should You Choose?
Choose Splitero If
- You want your agreement to mature whenever your mortgage pays off, when your debt is lowest and your equity and cash flow are highest
- You own the property through an LLC or trust
- You want peace of mind that your heirs won't be forced to settle quickly if you pass away
Choose Unlock If
- You're requesting less than $50,000
- You'd rather avoid any hard credit pull during the application process
- You're planning eligible home improvements you'd rather not share appreciation on
- 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 Splitero or Unlock better?
Neither is categorically better — Splitero's term is tied to your own mortgage payoff (10 to 30 years), while Unlock offers a fixed 10 years. Splitero doesn't trigger repayment on death and is the only provider we track that permits LLC or trust ownership. Unlock accepts a lower minimum request, uses a soft credit pull only, offers a renovation adjustment, and is the only provider we track that lets you pay down what you owe gradually. In our scenario, the two ran close through year 3, but Unlock was cheaper from year 5 through its 10-year term — run your own numbers to see how it lands for you.
How is Splitero's term different from Unlock's?
Unlock's term is a fixed 10 years for every borrower. Splitero's term instead lasts as long as your remaining mortgage — 10 to 30 years — so it matures right when you have the least debt and the most equity, your strongest position to settle up.
Which has a lower minimum funding amount, Splitero or Unlock?
Unlock's minimum is $15,000; Splitero's is $50,000 — the highest minimum among the providers we track. Unlock is the better fit for smaller requests.
Does either Splitero or Unlock require a hard credit pull?
Splitero does; Unlock uses a soft pull only, so applying doesn't affect your credit score.
Can I use either Splitero or Unlock for a home renovation?
Splitero doesn't offer an adjustment at all; the full appreciated value, including any gain from your own renovations, counts toward Splitero's share. Unlock does offer one, but only for projects that together add at least $10,000 in appraised value, and only if you follow local building ordinances and obtain any required permits.
Does Splitero or Unlock cost less?
It depends on how long you hold the agreement. In the representative scenario illustrated above, the two run close through year 3, but Unlock is cheaper from year 5 through year 10, the last year its term allows. 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 →