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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
37 minutes ago
- Yahoo
Supreme Court allows DOGE staffers to access Social Security data
June 7 (UPI) -- The U.S. Supreme Court is allowing members of the Trump administration's Department of Government Efficiency to access personal Social Security Administration data. On Friday, the Court's six conservatives granted an emergency application filed by the Trump administration to lift an injunction issued by a federal judge in Maryland. Opposing the injunction were the three liberal justices: Sonia Sotomayor, Elena Kagan and Ketanji Brown Jackson. There are 69 million retirees, disabled workers, dependents and survivors who receive Social Security benefits, representing 28.75% of the U.S. population. In a separate two-page order issued Friday, the Supreme Court allowed the Trump administration for now to shield DOGE from freedom of information requests seeking thousands of pages of material. This vote also was 6-3 with no written dissenting opinions. In the two-page unsigned order on access, the court said: "We conclude that, under the present circumstances, SSA may proceed to afford members of the SSA DOGE Team access to the agency records in question in order for those members to do their work." The conservatives are Chief Justice John Roberts, and Associate Justices Clarence Thomas, Samuel Alito, Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett. Three of them were nominated by President Donald Trump during his first term. U.S. District Judge Ellen Hollander, appointed by President Barack Obama, had ruled that DOGE staffers had no need to access the specific data. The 4th U.S. Circuit Court of Appeals, based in Virginia, declined to block Hollander's decision. The lawsuit was filed by progressive group Democracy Forward on behalf of two unions, the American Federation of State, County and Municipal Employees, and the American Federation of Teachers, as well as the Alliance for Retired Americans. They alleged broader access to personal information would violate a federal law, the Privacy Act and the Administrative Procedure Act. "This is a sad day for our democracy and a scary day for millions of people," the groups said in a statement. "This ruling will enable President Trump and DOGE's affiliates to steal Americans' private and personal data. Elon Musk may have left Washington, D.C., but his impact continues to harm millions of people. We will continue to use every legal tool at our disposal to keep unelected bureaucrats from misusing the public's most sensitive data as this case moves forward." Social Security Works posted on X: "No one in history -- no commissioner, no president, no one -- has ever had the access that these DOGE minions have." White House spokesperson Liz Huston after the ruling told NBC News that "the Supreme Court allowing the Trump Administration to carry out commonsense efforts to eliminate waste, fraud, and abuse and modernize government information systems is a huge victory for the rule of law." Brown Jackson wrote a nine-page dissenting opinion that the "Government fails to substantiate its stay request by showing that it or the public will suffer irreparable harm absent this Court's intervention. In essence, the 'urgency' underlying the government's stay application is the mere fact that it cannot be bothered to wait for the litigation process to play out before proceeding as it wishes." She concluded her dissent by writing: "The Court opts instead to relieve the Government of the standard obligations, jettisoning careful judicial decisionmaking and creates grave privacy risks for millions of Americans in the process." Kathleen Romig, who worked as a senior adviser at the agency during the Biden administration, told CNN that Americans should be concerned about how DOGE has handled highly sensitive data so far. She said the personal data runs "from cradle to grave." "While the appeals court considers whether DOGE is violating the law, its operatives will have 'God-level' access to Social Security numbers, earnings records, bank routing numbers, mental and reproductive health records and much more," Romig, who now is director of Social Security and disability policy at the left-leaning Center on Budget and Policy Priorities. When Trump became president again on Jan. 20, he signed an executive order establishing DOGE with the goal of "modernizing Federal technology and software to maximize governmental efficiency and productivity." Nearly a dozen DOGE members have been installed at the agency, according to court filings. In all, there are about 90 DOGE workers. DOGE, which was run by billionaire Elon Musk until he left the White House one week ago, wants to modernize systems and detect waste and fraud at the agency. "These teams have a business need to access the data at their assigned agency and subject the government's records to much-needed scrutiny," Solicitor General D. John Sauer wrote in the court motion. The data includes Social Security numbers, date and place of birth, gender, addresses, marital and parental status, parents' names, lifetime earnings, bank account information, immigration and work authorization status, health conditions for disability benefits and use of Medicare. SSA also has data-sharing agreements with the IRS and the Department of Health and Human Services. The plaintiffs wrote: "The agency is obligated by the Privacy Act and its own regulations, practices, and procedures to keep that information secure -- and not to share it beyond the circle of those who truly need it." Social Security Administration Commissioner Frank Bisignano, who was sworn in to the post on May 7, said in a statement: that"The Supreme Court's ruling is a major victory for American taxpayers. The Social Security Administration will continue driving forward modernization efforts, streamlining government systems, and ensuring improved service and outcomes for our beneficiaries." On May 23, Roberts temporarily put lower court decisions on hold while the Supreme Court considered what next steps to take. Musk called Social Security "the biggest Ponzi scheme of all time" during an interview with Joe Rogan on Feb. 28. The Social Security system, which started in 1935, transfers current workers' payroll tax payments to people who are already retired. The payroll tax is a mandatory tax paid by employees and employers. The total current tax rate is 12.4%. There is a separate 2.9% tax for Medicare.
UPI
an hour ago
- UPI
Supreme Court allows DOGE staffers to access Social Security data
June 7 (UPI) -- The U.S. Supreme Court is allowing members of the Trump administration's Department of Government Efficiency to access personal Social Security Administration data. On Friday, the Court's six conservatives granted an emergency application filed by the Trump administration to lift an injunction issued by a federal judge in Maryland. Opposing the injunction were the three liberal justices: Sonia Sotomayor, Elena Kagan and Ketanji Brown Jackson. There are 69 million retirees, disabled workers, dependents and survivors who receive Social Security benefits, representing 28.75% of the U.S. population. In a separate two-page order issued Friday, the Supreme Court allowed the Trump administration for now to shield DOGE from freedom of information requests seeking thousands of pages of material. This vote also was 6-3 with no written dissenting opinions. In the two-page unsigned order on access, the court said: "We conclude that, under the present circumstances, SSA may proceed to afford members of the SSA DOGE Team access to the agency records in question in order for those members to do their work." The conservatives are Chief Justice John Roberts, and Associate Justices Clarence Thomas, Samuel Alito, Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett. Three of them were nominated by President Donald Trump during his first term. U.S. District Judge Ellen Hollander, appointed by President Barack Obama, had ruled that DOGE staffers had no need to access the specific data. The 4th U.S. Circuit Court of Appeals, based in Virginia, declined to block Hollander's decision. The lawsuit was filed by progressive group Democracy Forward on behalf of two unions, the American Federation of State, County and Municipal Employees, and the American Federation of Teachers, as well as the Alliance for Retired Americans. They alleged broader access to personal information would violate a federal law, the Privacy Act and the Administrative Procedure Act. "This is a sad day for our democracy and a scary day for millions of people," the groups said in a statement. "This ruling will enable President Trump and DOGE's affiliates to steal Americans' private and personal data. Elon Musk may have left Washington, D.C., but his impact continues to harm millions of people. We will continue to use every legal tool at our disposal to keep unelected bureaucrats from misusing the public's most sensitive data as this case moves forward." Social Security Works posted on X: "No one in history -- no commissioner, no president, no one -- has ever had the access that these DOGE minions have." White House spokesperson Liz Huston after the ruling told NBC News that "the Supreme Court allowing the Trump Administration to carry out commonsense efforts to eliminate waste, fraud, and abuse and modernize government information systems is a huge victory for the rule of law." Brown Jackson wrote a nine-page dissenting opinion that the "Government fails to substantiate its stay request by showing that it or the public will suffer irreparable harm absent this Court's intervention. In essence, the 'urgency' underlying the government's stay application is the mere fact that it cannot be bothered to wait for the litigation process to play out before proceeding as it wishes." She concluded her dissent by writing: "The Court opts instead to relieve the Government of the standard obligations, jettisoning careful judicial decisionmaking and creates grave privacy risks for millions of Americans in the process." Kathleen Romig, who worked as a senior adviser at the agency during the Biden administration, told CNN that Americans should be concerned about how DOGE has handled highly sensitive data so far. She said the personal data runs "from cradle to grave." "While the appeals court considers whether DOGE is violating the law, its operatives will have 'God-level' access to Social Security numbers, earnings records, bank routing numbers, mental and reproductive health records and much more," Romig, who now is director of Social Security and disability policy at the left-leaning Center on Budget and Policy Priorities. When Trump became president again on Jan. 20, he signed an executive order establishing DOGE with the goal of "modernizing Federal technology and software to maximize governmental efficiency and productivity." Nearly a dozen DOGE members have been installed at the agency, according to court filings. In all, there are about 90 DOGE workers. DOGE, which was run by billionaire Elon Musk until he left the White House one week ago, wants to modernize systems and detect waste and fraud at the agency. "These teams have a business need to access the data at their assigned agency and subject the government's records to much-needed scrutiny," Solicitor General D. John Sauer wrote in the court motion. The data includes Social Security numbers, date and place of birth, gender, addresses, marital and parental status, parents' names, lifetime earnings, bank account information, immigration and work authorization status, health conditions for disability benefits and use of Medicare. SSA also has data-sharing agreements with the IRS and the Department of Health and Human Services. The plaintiffs wrote: "The agency is obligated by the Privacy Act and its own regulations, practices, and procedures to keep that information secure -- and not to share it beyond the circle of those who truly need it." Social Security Administration Commissioner Frank Bisignano, who was sworn in to the post on May 7, said in a statement: that"The Supreme Court's ruling is a major victory for American taxpayers. The Social Security Administration will continue driving forward modernization efforts, streamlining government systems, and ensuring improved service and outcomes for our beneficiaries." On May 23, Roberts temporarily put lower court decisions on hold while the Supreme Court considered what next steps to take. Musk called Social Security "the biggest Ponzi scheme of all time" during an interview with Joe Rogan on Feb. 28. The Social Security system, which started in 1935, transfers current workers' payroll tax payments to people who are already retired. The payroll tax is a mandatory tax paid by employees and employers. The total current tax rate is 12.4%. There is a separate 2.9% tax for Medicare.
Yahoo
2 hours ago
- Yahoo
House witness flips script on Dem who ambushed him during hearing with unearthed tweet: 'Iceberg is ahead'
FIRST ON FOX: A House committee witness who was called out by Democratic Rep. Robert Garcia of California during a hearing this week is pushing back after the congressman unearthed a past social media post on Social Security in an attempt to discredit his testimony. During a House oversight DOGE subcommittee hearing on Wednesday, Garcia grilled Power the Future CEO Dan Turner while holding up a posterboard of a past tweet calling Social Security a "government-sponsored Ponzi scheme." "Madoff went to jail for it. Congress runs on it," the post said. "I should be able to keep 100% of my money and not watch government waste it with a paltry percentage return." Garcia then suggested that post was evidence that Turner lacks the credibility to be testifying about the billions of federal tax dollars directed to left-wing NGOs. Social Security Commissioner Breaks Down Plan To Save Agency From Insolvency "A Ponzi scheme and so I think it's interesting, of course, as one of our Republican witnesses is calling Social Security a Ponzi scheme, and that's the person that we should be taking advice from here today," Garcia said. Read On The Fox News App "Without Social Security, 22 million people would be pushed into poverty. That includes over 16 million seniors and nearly 1 million children. And in fact, Elon Musk has also said and agreed with you, sir, that this is a Ponzi scheme. I think it's ironic that you are one of our witnesses talking about efficiency when you want to attack the single best program that we have to support people not just out of poverty, but across this country to uplift them, to ensure they can afford a decent life." Fox News Digital spoke to Turner, who stood by his post and outlined his belief, echoed by many, that Social Security is structured like a Ponzi scheme by definition. Sen Elizabeth Warren: Social Security Is Under Attack. Gutting It Is A Broken Promise "Rep Garcia does not know the definition of Ponzi scheme," Turner said. "Social Security is the ultimate Ponzi, demanding more and more people at the bottom pay in to fund the people at the top, expect our demographics have this now reversed. The system will default. Mr. Garcia nor I will likely never see a dime. That should worry him more than my social media feed." Turner told Fox News Digital that if Garcia's staff were to spend as much time trying to save Social Security as it did "combing through my social media" then "perhaps the Ponzi scheme can survive long enough for me to get a small percentage of what the government confiscated during my lifetime." Turner explained that his father had received a "paltry percentage" of what he paid into the program and the the government "kept the rest" when his father died. "That's not just a Ponzi scheme, it's government greed and politicians running a money-laundering operation to get reelected. No one should be compelled to pay into a failed system, yet in a free America, you don't have that choice." In addition to Turner and Elon Musk suggesting that Social Security is by definition set up like a Ponzi scheme, Fox News Digital previously spoke to James Agresti, president of the nonprofit research institute Just Facts, who said the characterization has "validity." 'Failure's Not An Option': Trump Budget Bill Will Be 'Big' Help For Seniors, Top House Tax-writer Says "A Ponzi scheme operates by taking money from new investors to pay current investors," Agresti said. "That's the definition given by the SEC, and contrary to popular belief, that's exactly how Social Security operates." Agresti explained to Fox News Digital that Social Security, a program mired for decades with concerns about waste, fraud, and improper payments, "doesn't take our money and save it for us, as many people believe, and then give it to us when we're older" like many Americans might believe. "What it does is, it transfers money when we are young and working and paying into Social Security taxes," Agresti said. "That money, the vast bulk of it, goes immediately out the door to people who are currently receiving benefits. Now, there is a trust fund, but in 90 years of operation, that trust fund currently has enough money to fund two years of program operations." The trust fund only being able to last for two years is not a result of the fund being "looted," Agresti explained, but rather it was put in place to "put surpluses in it" from money that Social Security collects in taxes that it doesn't pay out immediately and pays interest on. "The interest that's been paid on that has been higher than the rate of inflation," Agresti said. "So, the problem isn't that the trust fund has been looted. The problem is that Social Security operates like a Ponzi scheme." Democrats have vocally pushed back against efforts by Republicans and DOGE to reform Social Security or make cuts to what they say are examples of wasteful or improper spending from the department. "There's been a lot of misinformation about that as of late," Agresti told Fox News Digital. "You know, when DOGE came in and suggested that the Social Security Administration cut, I think it was about 10,000 workers, Democrats erupted that this is going to weaken Social Security. But the fact of the matter is that Social Security pays those workers who are for administrative overhead from the Social Security trust fund. So, by cutting out the money that they're paying them, you actually strengthen the program financially." Agresti told Fox News Digital that the current administrative overhead for Social Security is $6.7 billion per year, which is enough to pay more than 300,000 retirees the average old-age benefit. "Every single study shows social security going completely bankrupt in the next few years. Garcia and other democrats know the iceberg is ahead but rather than turn the ship, they are yelling at the iceberg about the senior citizens onboard," Turner said. "This Ponzi scheme is collapsing fast, and turning my tweets into posters is not going to stop it."Original article source: House witness flips script on Dem who ambushed him during hearing with unearthed tweet: 'Iceberg is ahead'
