Payment Protection in the Event of Job Loss
Most Low Interest Rate and Achieving the Dream Program borrowers can have peace of mind by knowing that if temporary involuntary unemployment prevents them from making their monthly mortgage payment, coverage is provided at no additional cost.
Note: Job Loss Protection is only available to Low Interest Rate and Achieving the Dream Program borrowers who obtained PMI insurance through Genworth Mortgage Insurance Corporation.
Features of the Job Loss payment protection plan:
Pays up to $2,000 per month towards your monthly mortgage payment (including principal, interest, taxes and insurance) if either you or your co-borrower become involuntarily unemployed for more than thirty (30) days. Will pay up to a maximum of six (6) monthly payments for a job loss occurrence during the benefit period. The benefit period covers the first three (3) years after the loan closes, as long as the mortgage insurance remains in place.
Note: If more than one borrower, a proportionate benefit is paid.
No additional cost to you. The cost of this coverage is paid by Genworth Mortgage Insurance Corporation for any borrower obtaining PMI insurance through Genworth Mortgage Insurance Corporation.
Click here to download a flyer with more information about Job Loss Protection.
Last updated: 11/1/2011
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