Anyone have experience with Unsion Home Owner Program?

[Yawiney Yawiney]

Hi, I'm mostly through the process of taking equity out of my home through Unsion.  With the $ i take out I would be creating more rental potential on my current property and put a rental cottage on a piece of land i have in Maui.  For those of you who know about this company, i do realize if i keep the place a long time Unsion will get way more from me than a traditional interest loan.  Also, iv'e heard the stories about the appraisals at the beginning coming out low.  My situation is different so far.

   Since my appraisal from Unison came out the same as the one i had 2 weeks earlier from a buyer that backed out, the market here in the north Bay Area is at a high point and in slight decline, and I plan on selling in 3 to 5 years, this seems like I would lose a lot less than most peoples situation here if i go with Unison. Not having to pay the "interest" until i have $ from the sale is win/win too because i don't want my monthly to go up.

My main concerns are the limitations Unsion puts on the use of my property 1. Inability to rent out the whole place. Has to be owners primary residence throughout the entire term. (there is a clause for exceptions but i asked about this and it doesn't seem like they really make them). 2. Limits your buyers. No owner-fi or lease to own deals work. No for sale by owner. No sale to someone in you family or that you know. There are some financial benefits to owner fi that i might be interested in when i go to sell. Has anyone here had a real estate attorney look over the closing docs from them? Anyone moved forward with Unsion?

I don't have the 900$ to spend on a lawyer to look at the docs right now but even with these limitations i'm still interested. I just want to make sure there won't be any unpleasant surprises hidden in what i sign here.Thanks!

[Chris Mason]

Appreciation and the ability to keep the property in the family are two of the biggest advantages of owning real estate in the bay area. These equity harvesting schemes chop your appreciation down and prohibit you from keeping it in the family for inter-generational wealth (Prop 13 tax basis can be passed down, I personally will never sell bay area real estate... the venerable  @Jay Hinrichs has listed selling silicon valley real estate as one of his major regrets). I refuse to offer the programs.