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Protect Your Home
With Job Loss
Mortgage Insurance
With Job Loss
Mortgage Insurance
Considering the economic downturn in
America, job security is a thing of the past.
Employees with more than 20 years on the job
are not exempt from layoffs. If and when there is
a job loss the homeowner is facing the
possibility of losing his home to foreclosure.
Job loss mortgage insurance is a great
solution.
Job loss mortgage insurance is available from a
variety of sources. Insurance companies are the
traditional sources. However, home builders
and banks are doing a fair amount of business.
The basic concept says that if you lose your job
the insurance company pays your mortgage
directly to the lender. This plan could help you
avoid foreclosure.
Not all homeowners are eligible.
Unfortunately, not everyone can get job loss
mortgage insurance. If you are self-employed,
an independent contractor or a work-at-home
person you won't qualify for job loss mortgage
insurance. There are others such as:
>> Military personnel.
>> Persons under 18 or over 60 years old.
>> Persons who are already unemployed.
>> Retirees regardless of age.
>> Persons who work in sectors with high
unemployment.
Benefit limits and terms.
Benefits are not paid indefinitely and they might
not cover the complete monthly payment of
principal, interest, taxes and house insurance.
Ask about the waiting period.
There is generally a grace period of about 60
days before the homeowner gets his mortgage
paid. This is to prevent people from taking
advantage of the insurer if they know that they
are about to be laid off. If the homeowner finds a
job and starts working before the grace period
is up no benefits are paid.
There is a second waiting period involved. This
is usually about 30 days before the policy takes
effect. For example, if you are approved for the
insurance on July 15th, the coverage will start on
August 14th.
Job loss plans vary.
California Association of Realtors' (CAR)
Mortgage Protection Program is free to first
time homebuyers. The benefit is $1,500 a
month for 6 months.
Genworth Financial's Job Loss Protection
program is free to homebuyers who purchase
Genworth's mortgage insurance. It covers
principal, interest, taxes and insurance for up to
about 6 months.
If you decide to enroll in a job loss mortgage
insurance plan be sure to discuss the plan with
a tax advisor. The benefits might be considered
taxable unemployment benefits. In other words,
you might have to pay taxes on the benefits.
America, job security is a thing of the past.
Employees with more than 20 years on the job
are not exempt from layoffs. If and when there is
a job loss the homeowner is facing the
possibility of losing his home to foreclosure.
Job loss mortgage insurance is a great
solution.
Job loss mortgage insurance is available from a
variety of sources. Insurance companies are the
traditional sources. However, home builders
and banks are doing a fair amount of business.
The basic concept says that if you lose your job
the insurance company pays your mortgage
directly to the lender. This plan could help you
avoid foreclosure.
Not all homeowners are eligible.
Unfortunately, not everyone can get job loss
mortgage insurance. If you are self-employed,
an independent contractor or a work-at-home
person you won't qualify for job loss mortgage
insurance. There are others such as:
>> Military personnel.
>> Persons under 18 or over 60 years old.
>> Persons who are already unemployed.
>> Retirees regardless of age.
>> Persons who work in sectors with high
unemployment.
Benefit limits and terms.
Benefits are not paid indefinitely and they might
not cover the complete monthly payment of
principal, interest, taxes and house insurance.
Ask about the waiting period.
There is generally a grace period of about 60
days before the homeowner gets his mortgage
paid. This is to prevent people from taking
advantage of the insurer if they know that they
are about to be laid off. If the homeowner finds a
job and starts working before the grace period
is up no benefits are paid.
There is a second waiting period involved. This
is usually about 30 days before the policy takes
effect. For example, if you are approved for the
insurance on July 15th, the coverage will start on
August 14th.
Job loss plans vary.
California Association of Realtors' (CAR)
Mortgage Protection Program is free to first
time homebuyers. The benefit is $1,500 a
month for 6 months.
Genworth Financial's Job Loss Protection
program is free to homebuyers who purchase
Genworth's mortgage insurance. It covers
principal, interest, taxes and insurance for up to
about 6 months.
If you decide to enroll in a job loss mortgage
insurance plan be sure to discuss the plan with
a tax advisor. The benefits might be considered
taxable unemployment benefits. In other words,
you might have to pay taxes on the benefits.
| Job Loss Insurance Every Homeowner Should Have Unemployment is still at 9.2% as of July 12, 2011. Millions of Americans are afraid that they will lose their job. There were two American dreams. One, get married and have a couple children. And number two, buy a house and enjoy life with your family. Buying a house is fast becoming a nightmare. Foreclosure are rising and house prices are falling every week. The uncertainty of keeping a full time, permanent job has left potential homebuyers on the sidelines. Job loss insurance, while not solving the job issue, has soften the blow if a homeowner does lose his job. The policy pays part or all of the mortgage. Some plans would pay the principal, the interest, the house taxes and the house insurance. Watch the slideshow. |
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