The EquityLock Protection contract protects the value of the customer's home from future local market declines for up to 15 years. Should the property owner sell their home, they will be eligible to file a claim to recoup up to 20 percent of their original protected value amount.
The contract uses a local home price index (HPI) provided by FHFA at the time of signing to determine market movement for future claim payments. After a two-year waiting period, customers can sell their home for a profit or less and still be eligible to receive a check if the local HPI has decreased.
""In an unstable housing market, homebuyers need assurance that forces beyond their control will not turn their most valuable asset into a liability,"" said Ben Alev, president of Conix.
""The bottom line is that use of the EquityLock Protection contracts adds real value for us and our investors,"" said Court Gettel, chairman of Conix. ""Most of all, homebuyers receive peace of mind about the prices they've paid. This is truly a win for all parties involved.""
Conix is a national real estate investment firm based in Tucson, Arizona.
EquityLock Solutions is a provider of home value protection products based in Greenwood Village, Colorado.