4 min read
By Jia Taylor, Content Marketing Lead
Sherry M.* and her husband love their home in Damascus, Oregon. They have lived there for nearly 10 years, but are the first to admit that their home needs major renovations.
“Although we love it dearly, it's almost 100 years old,” says 73-year-old Sherry who is retired. “We've had to invest in major updates, such as a new roof, new gutters, plumbing and electrical repairs.”
Sherry and her husband started their own business in 2013, and plan to stay in their family home for a long time. To fund their home improvements, they took out a home equity line of credit (HELOC), but the loan was not enough to cover all of their expenses.
“Our monthly budget didn't have a lot of wiggle room and we worried about covering future emergencies,” Sherry says. “At the same time, the value of our home had almost doubled since we purchased it and we were beginning to look around at refinancing or other options that might help us gain a little breathing room.”
Hesitant to take on more debt, Sherry says that’s when they learned about Unison’s home equity sharing program.
“After doing a lot of research, we decided that equity-sharing was a good solution for us,” says Sherry. “We could access the unused equity in our home without having to make monthly payments, and the already accrued equity would always be ours.”
With a Unison home equity sharing agreement, homeowners receive a cash payment up front in exchange for an option to share in the home’s future change in value.
About the Author
Unison
We're the pioneers of equity sharing, offering innovative ways for you to gain access to the equity in your home. For more than a decade, we have helped over 12,000 homeowners to pursue their financial goals, from home renovations to debt consolidation, retirement savings, and more.
