Job Loss Mortgage Payment Insurance

Job Loss Mortgage Payment Insurance

An insurance policy that pays all or a portion of a mortgage payment for a homeowner for a certain period of time in the event that the homeowner loses his/her job. For example, a policy may provide up to $1,200 per month in payments for up to nine months following a job loss. Job loss mortgage payment insurance encourages people to buy homes if the only consideration holding them back is fear of a job loss. While one generally must pay a premium for coverage, some organizations offer free policies to first-time home buyers.
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