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The John Adams Mortgage Company Home Mortgage Protection Program is an optional seller-funded mortgage protection program that helps home owners with monthly mortgage payments if they experience a loss of employment.

The Home Mortgage Protection Program is part of the HELP (home owner Education and Loss Protection) program administered by the Rainy Day Foundation.
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   Program Overview
  • Provides up to 6 months of mortgage payments during the first 22 months (excluding vesting period) from date of closing if the borrower or coborrower becomes involuntarily unemployed.
  • Coverage up to $1,800 per month.
  • Cost of program is $550, payable by the seller at closing if buyer accepts the program.
  • Program is available to all buyers on any home as long as the cost is paid by the seller as part of the seller's concessions and the buyer uses John Adams Mortgage.
  • Program offered at no cost to the buyer and cannot be funded by the buyer.
  • Buyer will receive an information packet with complete detailes of program, including eligibility and how to file a claim within 45 days of closing

 
   Eligibility
  • Must be emplyed full-time (minimum of 30 hours per week) at time of closing.
  • Cannot be self-employed, independent contractor or active duty military.
  • Cannot own greater than 10% interest in his/her employer's business.
  • Must be between the ages of 18 and 66 and reside in the U.S.
  • Must be eligible for state unemployment benefits.
  • Program applies to primary residence, secondary homes and single unit investment properties.

 
   Buyer Advantages
  • Buyer can purchase home with greater confidence.
  • Program applies if borrower or coborrower experiences involuntary loss of employment (assuming eligibility criteria are met)
  • 22 months (24 months minus vesting period) of coverage; can be used for multiple job losses during period for up to 6 months of payments (assuming criteria are met)
  • Homes featuring "Home Mortgage Protection" are easily identified on our website.
  • Buyer may receive counseling and resources at no cost through HELP program

 


For additional information call 248-208-3998 or email rainyday@johnadamsmortgage.com.