What are the differences between HomeTap and Unlock home equity services?

HomeTap and Unlock are two companies that offer homeowners the ability to access their home equity without traditional loans, but they have distinct differences in their service offerings. HomeTap provides an investment-based solution where they invest in a share of your home's future value in exchange for current cash, allowing homeowners to receive funds without monthly payments or interest, but when the homeowner sells the house or settles the contract, HomeTap receives a percentage of the sale price or home value. On the other hand, Unlock operates with a similar investment model, yet may offer different terms and percentages than HomeTap, as well as potential variations in how and when the amount is repaid. Both services' specific terms, fees, and cost of capital can vary greatly, so homeowners should carefully compare them based on their individual situations.