BIWAKBIK, Minn., Aug. 22, 2012 /PRNewswire/ -- Voyageur's Retreat, a community of luxury single-family vacation homes in Minnesota's North Woods, announced a commitment to include two EquityLock® Solutions financial protection contracts for all its fractional resort home buyers. One contract will protect consumers from housing market downturns, and the second will protect them should they lose their jobs. The costs of these contracts are included in the established price of the fractional shares and create distinct advantages to buyers.
"As the first fractional developer to promote their protection contracts, we are excited about our relationship with EquityLock. We see this as a real game-changer for Voyageur's Retreat and our industry," said John Fedo, President of VRDC, Inc., the developer of Voyageur's Retreat. "As one of the top vacation retreats in Minnesota, the last thing we want our owners to worry about is the value of their investment in our community and possible unemployment. By adding EquityLock to our development, our buyers receive peace of mind and can truly enjoy our vacation lodges. If you are a fractional interest developer, you owe it to yourself to consider EquityLock Protection to increase your sales."
The first financial contract is EquityLock® Protection, which is designed to protect fractional share owners from local housing market downturns. Under the contract, the homeowner will be eligible to file a claim to recoup up to 10% of their purchase price when they sell their share. At time of contract, EquityLock uses the local House Price Index (HPI) provided by the Federal Housing Finance Agency at www.fhfa.gov for Duluth, MN to determine market movement for future claim payments. After a two year waiting period, Voyageur's Retreat customers can sell their share in homeownership for a profit or loss and still be eligible to receive a check if their local House Price Index (HPI) has decreased.
The second financial contract is EquityLock's Job Loss Protection. If fractional share owners lose their job during the first two years of ownership, they will be eligible to receive $500 for six consecutive months. Fractional share owners who are self-employed are also eligible.
Fractional buyers of Voyageur's Retreat receive additional benefits of the Fractional Exchange network whereby owners can exchange vacation homes, condos, fractional homes and residence club shares at over 600 locations worldwide.
"Just like the housing industry, the fractional interest industry has been hurt by declining housing values. Potential fractional share buyers need confidence to buy that vacation share they really want," said Ted Rusinoff, President of EquityLock Solutions. "Our partnership with Voyageur's Retreat will give consumers the peace of mind they need to enjoy the benefits of fractional ownership in luxury resort communities across the country."
About Voyageurs Retreat
Voyageurs Retreat is a community of single family homes that lies within the heart of Minnesota's North Woods. Situated three hours north of the Twin Cities, Voyageurs Retreat is surrounded by all things nature, and encompasses 2,000 acres of land, trees, shoreline, trails and parks. Located within Giant's Ridge (a spectacular year-round resort with 2 nationally ranked golf courses and ski facilities) and the legendary Mesabi Iron Range, Voyageurs Retreat provides year round access to a variety of family friendly and outdoor activities.
About EquityLock Solutions, Inc.
EquityLock Solutions specializes in protecting consumers against one of their biggest financial real estate risks through its flagship product, EquityLock Protection. The company's vision is to help turn around the current U.S. housing industry and restore homeownership confidence in real estate values nationwide. EquityLock Solutions is led by an executive team with more than 100 years of collective experience in using financial products to meet the needs of individuals and families throughout the United States.
For more information on this topic, or to schedule an interview with John Fedo, please call (218) 969-5192 or contact him at [email protected].
SOURCE Voyageur's Retreat