EquityLock^® Protector FAQs

What is covered by the EquityLock^® Protector plan?

We’ve included a sample agreement (PDF), so you know exactly what is included in EquityLock^® Protector plan. Some exclusions apply in CA, AZ, & UT.

Download the sample agreement (PDF)

How is a Market Downturn Payment determined?

At the time that the EquityLock^® Protector contract is put into place, we take a look at the House Price Index as released by the Federal Housing Finance Agency. After the 24-month waiting period, at the time when the home or property sells, we take a final look at the House Price Index to see the percentage difference. If the House Price Index declined at this time, a Market Downturn Payment is eligible for the percentage decline multiplied by the Protected Value Amount of $50,000 up to a maximum payout of 20% or $10,000.

What is the House Price Index?

Every quarter since 1975, the Federal Housing Finance Agency has conducted and published an independent nationwide measurement of local housing prices, sourced from conforming mortgage transactions covering 384 Metropolitan
Statistical Areas. This data can be found at www.fhfa.gov.

What is the Protected Value Amount for EquityLock^® Protector?

The Protected Value Amount is $50,000 for EquityLock^® Protector. This is the amount EquityLock^® protects that represents the protected equity in your home or property.

How long does the protection last?

The contract remains in effect as long as monthly payments are received by EquityLock^® Solutions, Inc.

Will I receive a Market Downturn Payment if the House Price Index is the same at the time when I sell my home or property as it was at the time that the contract was put into place?

No. Market Downturn Payments are only eligible in the event of a House Price Index decline at the time when your home or property is sold.

Will I receive a Market Downturn Payment if the House Price Index has increased from the time that the contract was put into place?

No. Market Downturn Payments are only eligible in the event of a House Price Index decline at the time when your home or property is sold.

What is Appliance Protection?

Appliance Protection is an included benefit in the EquityLock^® Protector contract that covers 6 essential major appliances (clothes washer, clothes dryer, kitchen refrigerator, built-in microwave, dishwasher, and range/oven/cooktop). Each appliance will be protected for up to $1,500 per 12-month period. EquityLock^® Protector provides repair or, if necessary, replacement of each covered appliance. There is a $50 deductible that applies to each service request.