{"id":60699,"date":"2025-08-09T03:05:10","date_gmt":"2025-08-09T01:05:10","guid":{"rendered":"https:\/\/housesmarketplace.com\/appeals-court-throws-curve-ball-in-potential-class-action-suit-against-unison\/"},"modified":"2025-08-09T03:05:10","modified_gmt":"2025-08-09T01:05:10","slug":"appeals-court-throws-curve-ball-in-potential-class-action-suit-against-unison","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/appeals-court-throws-curve-ball-in-potential-class-action-suit-against-unison\/","title":{"rendered":"\u0410\u043f\u0435\u043b\u043b\u044f\u0446\u0438\u043e\u043d\u043d\u044b\u0439 \u0441\u0443\u0434 \u0434\u0435\u043b\u0430\u0435\u0442 \u043d\u0435\u043e\u0436\u0438\u0434\u0430\u043d\u043d\u044b\u0439 \u043f\u043e\u0432\u043e\u0440\u043e\u0442 \u0432 \u043f\u043e\u0442\u0435\u043d\u0446\u0438\u0430\u043b\u044c\u043d\u043e\u043c \u043a\u043e\u043b\u043b\u0435\u043a\u0442\u0438\u0432\u043d\u043e\u043c \u0438\u0441\u043a\u0435 \u043f\u0440\u043e\u0442\u0438\u0432 Unison"},"content":{"rendered":"
\n

The line between reverse mortgages and home equity sharing products got a little blurrier on Thursday when a Ninth Circuit Court of Appeals<\/strong> panel reversed a lower court\u2019s dismissal order<\/a> in a proposed class-action suit against Unison<\/strong>. <\/p>\n

The opinion found that the plaintiffs suing Unison have shown that their arrangement with the company amounts to a reverse mortgage and must follow the special statutory requirements for reverse lending products.<\/p>\n

The three-judge panel stated in their opinion<\/a> that plaintiffs Charles Boyd Olson and Janine Olson offered valid consumer protection claims against Unison<\/a> and remanded the case for further proceedings. <\/p>\n<\/p>\n

The panel said Unison\u2019s 2019 agreement with the homeowners entailed a \u201cconsumer credit obligation\u201d as described in the Washington<\/a> state law that regulates reverse mortgages, although the company has argued that the couple wasn\u2019t expected to repay anything.<\/p>\n<\/p>\n

The ruling notes that under state law, a consumer credit obligation may qualify as a reverse mortgage \u201ceven though the actual future obligation to pay back sums may be entirely contingent upon future events, including sufficient shared appreciation or equity.\u201d<\/p>\n

In the lower court case in 2024, Unison attorney Jeremy Creelan\u00a0argued that a \u201ccredit obligation\u201d is not a loan. <\/p>\n<\/p>\n

\u201cThis is the key point \u2014 there\u2019s no repayment obligation on the part of the consumer,\u201d Creelan said. \u201cThat\u2019s why the Olsons engaged in it, and frankly, it\u2019s what provides consumers with such significant benefits. This deed of trust does not secure one or more advances, nor does it secure any repayment of anything.\u201d<\/p>\n<\/p>\n

The three-judge panel saw it differently, stating in their ruling that \u201c[t]he entire structure of the arrangement is designed to put Unison in the same position, and to have the same right to payment, as an unadorned nonrecourse obligation to pay Unison 70% of the home\u2019s equity, less $194,250. <\/p>\n<\/p>\n

\u201cThe fact that Unison must elect to receive that payment, by exercising the option, does not detract from the fact that, even prior to the exercise of the option, the Olsons have a very real set of contingent obligations to make future payments to Unison.\u201d<\/p>\n<\/p>\n

The panel also recognized that the Olsons adequately alleged Unison\u2019s violation of the Washington Consumer Protection Act by marketing the arrangement as involving no \u201cdebt,\u201d \u201cloan\u201d or \u201cinterest.\u201d These alleged statements by the company had the capacity to deceive the public, according to the federal appeals court.<\/p>\n<\/p>\n

HousingWire<\/strong>\u2018s Reverse Mortgage Daily reached out to Unison for comment but did not receive an immediate response.<\/p>\n<\/p>\n

Case background<\/h2>\n

The Olsons, who reside in Kent, Washington, and Seattle resident Maggie Colin say they entered into\u00a0Unison\u00a0equity sharing agreements in 2019 with the understanding that Unison\u2019s product was not a loan. <\/p>\n<\/p>\n

They contend that the agreement is essentially a reverse mortgage that operates without the\u00a0rules that typically govern<\/a>\u00a0such products, especially as it relates to interest rates and counseling<\/a>. The plaintiffs brought action against the company in 2022.<\/p>\n<\/p>\n

When the Olsons faced financial challenges due to life circumstances, they sought to find a way to cover their expenses and took up a Unison flyer describing its product.<\/p>\n<\/p>\n

The flyer said that the Olsons could \u201caccess the equity locked in [their] home by entering into an agreement with Unison that would include no monthly payments and no interest,\u201d according to court documents. But when contemplating a home sale, the Olsons concluded that they would receive very little in proceeds and have remained in the property since.<\/p>\n<\/p>\n

In Colin\u2019s case, she faced similar circumstances with her condominium and also acted on a mailed flyer advertising the Unison product. <\/p>\n<\/p>\n

But after entering the agreement, she later realized that the agreement prevented her from\u00a0refinancing<\/a>\u00a0the condo, according to the initial court complaint. She was allegedly informed by Unison that terminating the agreement would require \u201chundreds of thousands of dollars\u201d in payments to the company.<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The line between reverse mortgages and home equity sharing products got a little blurrier on Thursday when a Ninth Circuit Court of Appeals panel reversed a lower court\u2019s dismissal order in a proposed class-action suit against Unison. The opinion found that the plaintiffs suing Unison have shown that their arrangement with the company amounts to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-60699","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nAppeals court throws curve ball in potential class-action suit against Unison - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/appeals-court-throws-curve-ball-in-potential-class-action-suit-against-unison\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Appeals court throws curve ball in potential class-action suit against Unison - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"The line between reverse mortgages and home equity sharing products got a little blurrier on Thursday when a Ninth Circuit Court of Appeals panel reversed a lower court\u2019s dismissal order in a proposed class-action suit against Unison. 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