I’m surprised it’s taken this long for someone to take the auto industry’s “buyer reassurance” plan and translate it into the homebuying industry, but it has:
LifeStyle Builders and Developers, Inc., a Richmond based homebuilder, has announced a new job loss mortgage protection program, Mortgage Guardian. Under this program, if a homeowner becomes involuntarily unemployed, $1,500 of their mortgage will be covered for up to six months.
“For anyone who has even thought about buying a new home, now really is the best time to take action. There is a large selection of available inventory, and prices are at an all-time value. However, with today’s economic climate, many people are hesitant to take that step towards home ownership. We hope that our Mortgage Guardian program will ease the stress and concern about possible job loss, and give homebuyers the confidence to take advantage of today’s great real estate deals.” said Lloyd Poe, owner of LifeStyle Builders.
LifeStyle Builders’ Mortgage Guardian offers coverage for 12 months from the closing date, and a maximum benefit of $1,500 per month, in cash, payable to the homeowner, for up to six months. An additional feature is a $10,000 Accidental Death Benefit. LifeStyle Builders will automatically include Mortgage Guardian with all contracts written after May 1 at no cost to the new homeowner.
Since analysts and brokers agree that declining consumer confidence is the biggest challenge before the Wichita housing market, it shouldn’t be long before a homebuilder duplicates this program here.
2 Comments
Hey not a bad idea, what about a protection plan for ski boats, motorcycles, and big screen TV’s. Aren’t protection plans just another word for “bail out”? If I was in a job that had a potential of being eliminated should I really be out making discretionary purchases? Our nations current financial woes are based on this same kind of thoughtless spending by both the government and many of our major corporations. So let’s not continue the trend let’s step up and do what is right – sound financial principle living!
“Aren’t protection plans just another word for “bail out”?”
NO. They are actually more like “insurance.” There is a statistical probability that something will happen and protections are then purchased based on that probability.