The Homeowner Education and Loan Protection service (HELP) includes a Mortgage Protection Program that protects homeowners if they experience a loss of their employment. Many Americans today are concerned with job stability and how they are going to make their mortgage payments if they lose their job.

The unemployment insurance coverage included in our HELP Loan assists in keeping homeowners current on their mortgage payments each month so homeowners can minimize their financial stress while they are looking for a job.

Overview

- The Mortgage Protection Program will provide up to six months of mortgage payments if the borrower (or co-borrower) becomes involuntarily unemployed.

- This program provides mortgage payment coverage for the first 12 months of the loan.

- Within 30 to 45 days after you move into your new home, a packet will arrive that explains the unemployment insurance and how to file a claim in the event of an involuntary job loss.

Program Benefits

- Up to six months of Mortgage Payments

- Coverage up to $1800 per month

- Easy enrollment process

- Program underwritten by one of the industries top insurance company

Eligibility Requirements

- Employed full time (minimum of 30 hours per week)

- Vesting period is 60 days

- Cannot be self employed, an independent contractor, or active military

- Cannot own greater than 25% interest in his/her employer's business

- Must be between the ages of 18 and 66

Other Details

Coverage Period
Twelve (12)(24) months from the closing date of the mortgage.

Maximum Benefit
The lesser of the actual mortgage payment (PITI) or $1,800 per month.

Benefit Period
Up to a maximum of six (6) payments during the twelve (12)(24)month coverage term.

Vesting Period
Sixty (60) days from mortgage closing date (if purchaser becomes unemployed during this Vesting Period, there is no coverage for this occurrence of unemployment).

Waiting Period
Thirty (30) days from commence-ment of unemployment.

Contribution Clause
When joint mortgagors are involved, benefit amount will be based on the percentage the unemployed person's income is to total qualifying income at the time of mortgage closing.

Conditions
a) Unemployment must commence during coverage period
b) Coverage is limited to payments due 30 days after unemployment begins
c) Claimant must qualify for state unemployment benefits
d) Claims payments cease immediately upon re-employment
e) In the event of subsequent unemployment, a new 30 day Waiting Period applies