HEI Facts.com

ReferenceLast checked September 23, 2026

The facts on home equity investments.

Sourced statistics, state-by-state rules, and a regulatory tracker for home equity investments, the contracts that trade cash today for a share of your home's future value. Every fact links to its source.

Key facts

Yellow figures come from the source named. Grey figures are our own analysis of sourced data.

$2B–$3B
Estimated annual size of the home equity investment market
Source: CFPB, Jan 2025
37,000+
Contracts originated by the four largest companies
Source: CFPB, Jan 2025
14.1%–15.9%
Effective yearly cost of the four providers we can model, at 4% home growth over 7 years
Our analysis · the 2026 study
4
States with an HEI-specific law or rule in effect: Connecticut, Illinois, Maine, Maryland
Our analysis · tracker
3
States where the attorney general has sued or settled with a provider: Colorado, Massachusetts, Minnesota
Our analysis · tracker
40 + DC
States where at least one major provider says it operates
Our analysis · providers' own pages

The true cost of home equity investments in 2026

Our study ran four providers' published terms through one cost model. Typical result: 14.1% to 15.9% a year.

Effective yearly cost of home equity investments by home appreciation, settled after 7 yearsLine chart. Cost rises with appreciation for all four providers; Unison is cheapest when prices are flat but most expensive when they rise fast.-5%0%5%10%15%20%25%-2%0%2%4%6%8%Yearly home appreciationEffective yearly costHELOC reference 8.5%Unison 23.1%Unlock 20.4%Point 18.9%Hometap 18.5%
Effective yearly cost of home equity investments by home appreciation, settled after 7 yearsLine chart. Cost rises with appreciation for all four providers; Unison is cheapest when prices are flat but most expensive when they rise fast.-5%0%5%10%15%20%25%-2%0%2%4%6%8%Yearly home appreciationEffective yearly costHELOC reference 8.5%Unison 23.1%Unlock 20.4%Point 18.9%Hometap 18.5%
Settled after 7 years. $100,000 on a $750,000 home with a $300,000 mortgage.

Read the study, with the data.

State by state

Which states have HEI laws, which have seen enforcement, and where providers operate. Tap a state for details.

AL2 providersAK0 providersAZ6 providersAR0 providersCA6 providersCO2 providersCT1 providerDE3 providersDC3 providersFL6 providersGA2 providersHI2 providersID3 providersIL1 providerIN5 providersIA1 providerKS2 providersKY4 providersLA0 providersME0 providersMD1 providerMA0 providersMI4 providersMN2 providersMS1 providerMO5 providersMT2 providersNE3 providersNV6 providersNH3 providersNJ6 providersNM4 providersNY3 providersNC3 providersND0 providersOH6 providersOK0 providersOR5 providersPA5 providersRI1 providerSC6 providersSD0 providersTN6 providersTX0 providersUT6 providersVT2 providersVA6 providersWA2 providersWV0 providersWI5 providersWY2 providers
Law or rule in effectEnforcement or court actionProviders operate, no state action foundNo major provider, no action found

Latest in the regulatory tracker

The five most recent items. See all 17.

MinnesotaEnforcementSettledAnnounced August 7, 2026

Minnesota attorney general settlement with Unlock

The attorney general's office investigated Unlock for entering into mortgage loans without complying with Minnesota law. Unlock denied the allegations but settled.

  • From 2021 through 2023, Unlock entered into approximately 86 "home equity agreements" in Minnesota.
  • Unlock agreed to $944,626 in monetary and debt relief: $201,050 in direct refunds, an estimated $460,000 in debt relief, and $283,576 for further restitution.
  • Unlock agreed not to enter new agreements unless licensed by the Minnesota Department of Commerce, and to follow the state's Mortgage Originator and Servicer Licensing Act, including its rate caps.

Sources: Minnesota Attorney General press release

ColoradoEnforcementSettledAnnounced June 24, 2026

Colorado attorney general settlement with Unlock

The attorney general determined that Unlock's home equity agreements are consumer credit transactions under Colorado law.

  • Unlock must comply with Colorado's Uniform Consumer Credit Code, including the Consumer Equity Protection Act, its rate limits, and its required disclosures.
  • Unlock must obtain all required Colorado licenses before resuming operations there.
  • As of the announcement, Unlock had identified $283,375 in restitution owed to 125 Colorado consumers, a figure the office expected to grow as more agreements close.

Sources: Colorado Attorney General press release · Assurance of discontinuance (PDF)

FederalBillPendingIntroduced June 17, 2026

Home Equity Lending Integrity Act (S. 4803)

Would amend the federal Truth in Lending Act to include a home equity investment loan in the definition of a residential mortgage loan.

Sources: Bill text, U.S. Government Publishing Office

PennsylvaniaBillPendingPassed the House June 2, 2026

Pennsylvania HB 2120: licensing for shared equity providers

Would license and regulate shared equity providers and shared equity agreements under the Department of Banking and Securities.

  • Passed the House 190 to 11 on June 2, 2026.
  • Referred to the Senate Banking & Insurance Committee on June 5, 2026. It has not been signed into law.

Sources: Pennsylvania General Assembly: HB 2120

IllinoisRegulationIn effectEffective June 1, 2026

Illinois adopts rules for shared appreciation agreements

The Illinois Department of Financial and Professional Regulation adopted rules implementing the state's shared appreciation agreement law, effective June 1, 2026, covering counseling, disclosures, and recordkeeping.

We could not access the rule text in the Illinois Register directly. The details here are as reported by the law firms linked below.


Sources: Mayer Brown: Illinois adopts regulations secondary · Weiner Brodsky Kider: IDFPR adopts rules secondary

HEI Calculator

Run your own home and assumptions through every provider and get one comparable effective annual cost.

HEI Compare

Point, Hometap, Unlock, Unison, Splitero and CHEIFS side by side, with reviews and head-to-heads.

HEI Facts, HEI Calculator, and HEI Compare are sister sites run by the same independent team.