Job-Loss Mortgage Insurance: Terms, Conditions, Eligibility
By MaryBeth Harrison, The Harrison Group
(Dallas Native)
Job-loss mortgage insurance is available from a host of sources and policies vary in coverage, cost, benefits and requirements, so you'd better shop around. Simply put, for policy holders, job-loss mortgage insurance pays your mortgage when you lose your job -- to a point. Typically paid direct to the lender, policy benefits can cover principal, interest, taxes and insurance, if all items are included in the original mortgage payment. "The job loss insurance is a big help for many mentally, knowing that the help is available if they should lose their jobs. And it gives comfort for some that are sitting on the fence," said Quincy A. Virgilio, Jr. president of the Santa Clara County Association of Realtors. The coverage can be a good deal if you fear job loss, if you have no other financi...
Comments
0