The maximum duration of the Unison HomeOwner Agreement is 30 years. However, the agreement usually ends when the owner sells the property. The Unison HomeOwner agreement is supposed to be a long-term deal. If the owner sells the property within the first three years and there is a loss due to fair market conditions, Unison will not share that loss. As with a reverse mortgage, individuals must live in their homes for the duration of the HomeOwner Agreement. If a person`s care needs for more than 180 consecutive days to move from home, and it is clear that he will not return, then the Unison HomeOwner agreement will be due. If this happens in the first three years of the agreement and the house has lost value due to fair market conditions, Unison will not participate in the loss. Unison HomeOwner Agreement benefits are paid in lump sums at the time the contract is concluded. There are no restrictions on how recipes can be used.
People who contract a HomeOwner Agreement unison receive up to 20% of the value of their home in cash. This amount varies depending on the percentage of the future home upgrade that an authorized candidate is willing to share. The maximum benefit is approximately $500,000. On February 26, 2018, the company and Valley National Bank, the wholly owned subsidiary of Valley National Bancorp, announced the launch of their 5% down payment program, which will be concitiously combined with an 80% value mortgage.  After three years, one can request what is called a “special termination” and terminate the contract without the house being sold. When a special termination is requested, an assessment is made by third parties to determine the current value of the home. On that date, the initial amount received must be refunded. Any profit Unison would have received if the house had been sold at the time of the examination must also be paid to Unison. In this situation, Unison will not take into account a loss due to a loss of value of the house. An Unison HomeOwner agreement, formerly known as the REX Agreement, is a contract with an organization formerly called FirstREX. (In December 2016, FirstREX changed its name to Unison Home Ownership Investors, short Unison.) A HomeOwner Agreement allows an owner to turn part of his or her capital into cash.