Unemployment Insurance Offered
In what appears to be a move not unlike the insurance “If you die, your house will be paid…” coverage, one real estate firm in Queensbury, New York is offering job loss protection insurance for home buyers interested in listings offered by the company.
Sellers of homes listed with RealtyUSA have the option of paying a one-time $500 fee toward insurance for the buyer. Should the buyer lose their job within two years of the closing, they can receive up to $1,800 a month for six months toward mortgage payments.
This is a BOLD move, but is being done in partnership with The Rainy Day Foundation, a group whose major focus is to provide tools to educate, counsel, support and financially assist homeowners who experience unforeseen short-term financial problems.
A friend of mine once suggested that if someone loses a job, the mortgage holder should allow an automatic waiver of payments for six months like students loans now provide. It seems like this is akin to that suggestion, but I’ll be curious as to how well it will work. To learn more, visit the company’s web site here.
