unison, ever heard of this? money now and they get a share of appriation in the home.

This is the front porch of our forum. Pull up a chair, and talk about whatever's on your mind.
Post Reply
icfrugal1
Posts: 2952
Joined: Fri Aug 28, 2015 12:54 am

unison, ever heard of this? money now and they get a share of appriation in the home.

Post by icfrugal1 »

So, ever hear of this?

https://point.com/calculator?utm_campaign=conquesting&utm_source=bing&utm_medium=cpc&utm_term=unison%20reviews&utm_content=&msclkid=a59f373f782c135c2da8567817ef4ae3

Got a letter yesterday offering us $$ no payment, no interest, but when the home is sold they get 50% of the appreciation.

Example given,

The appraised value is now $400,00
Starting value after adjustment $390,000
Sell your home for $490,000
UNISON shares in the $100,00 change in value.

Not planning to do this, but interesting

IC
chocolite
Posts: 1438
Joined: Sun Aug 30, 2015 8:11 pm

Re: unison, ever heard of this? money now and they get a share of appriation in the home.

Post by chocolite »

Wonder what happens if the economy tanks and your home loses value?

Years ago I gave some thought that if DH were to pass before me I might do a reverse mortgage. Since we have no heirs it seemed like a valid possibility. But now I know I could never stay in this house - it would be far too much for me to manage.
Patty
ChristmasTrees
Posts: 3960
Joined: Fri Aug 28, 2015 12:53 am

Re: unison, ever heard of this? money now and they get a share of appriation in the home.

Post by ChristmasTrees »

icfrugal1 wrote: Sun Sep 19, 2021 1:42 pm So, ever hear of this?

https://point.com/calculator?utm_campaign=conquesting&utm_source=bing&utm_medium=cpc&utm_term=unison%20reviews&utm_content=&msclkid=a59f373f782c135c2da8567817ef4ae3

Got a letter yesterday offering us $$ no payment, no interest, but when the home is sold they get 50% of the appreciation.

Example given,

The appraised value is now $400,00
Starting value after adjustment $390,000
Sell your home for $490,000
UNISON shares in the $100,00 change in value.

Not planning to do this, but interesting

IC
I've never heard of this.
SandiSAHM
Posts: 2260
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: unison, ever heard of this? money now and they get a share of appriation in the home.

Post by SandiSAHM »

Oh how I would LOVE to read the legalese on one of their contracts (not a lawyer, don't play one on TV, but read loads of legalese due to work junk). I'd bet whatever shady nonsense this is should be illegal, because you know this loan organization is making sure they cover themselves in the event of a *pop* in the real estate bubble or any other thing that drives down home values, probably even to being the first to get a payout in the event of a large insurance claim. And the terrifying thing is people will fall for it (particularly those in dire financial straights who somehow still have - or desperately want to retain - their homes). It's predatory lending in a new form.

I had an aunt in France (died a couple of months back) who took out the rough equivalent of a "reverse mortgage" decades ago. I don't think the company that extended it counted on her living well into her 90s. Another aunt was given less than a month to get everything out of it that the family wanted to keep, then bam, up went the for sale sign. Apparently there these things are cut and dry and no estate "settling" interferes with possession.
ohjodi
Posts: 1443
Joined: Sun Aug 30, 2015 3:57 pm

Re: unison, ever heard of this? money now and they get a share of appriation in the home.

Post by ohjodi »

I think only the home owner, and the bank holding the mortgage, should be the only people with their fingers in the home. A home equity loan, or line of credit, from the same bank, for urgent repairs or improvements, should be the only access to the equity.

Any company that has access to even the tiniest part of the home value or ownership could spell serious disaster. These companies want to make money, of course, so their interest lies with themselves, not with the home owner.

With the company mentioned, I have to wonder what happens if the home is damaged or lost to fire, tornado, flood, quake, etc. Do they take all the insurance money? Do they take so much of it that you can't rebuild anywhere? Do they then own part of your rebuilt or new home?
ohjodi
Post Reply