Income Loss Protection Plan
Purchase With Confidence
If after you purchase you lose your job, we're here to pay your monthly mortgage payments for up to 6 months (subject to terms and conditions). Coverage is active for one year.
Why do we offer the Income Loss Protection Plan through Assure Payment Corp? Because we want you to enjoy peace of mind when you choose to finance your purchase.
When does the plan start - and how long is the coverage available? Your coverage starts the day you close on your mortgage financing and purchase. Your coverage remains active for one full year following closing.
Is there a cost to me for this protection plan? No, there is no cost or reimbursement requirement to a purchaser closing on a certified property covered by our Income Loss Protection Plan. It is a complimentary program provided for your financial protection-should you need it.
Who is eligible for this plan? All titled purchasers signing for the mortgage loan who are employed for at least 30 hours weekly. Each is covered individually at their percentage of the combined total income used to qualify for the mortgage loan.
Who receives the payment if activated? Upon qualifying and approval, all payments are made directly to your lender of record.
When would the monthly mortgage payment be paid to our lender? Upon the contractual due date as outlined in your mortgage note-starting the month following your Activation Request approval.
What does the payment include? The monthly amount of your payment obligation to the lender as outlined in the mortgage note as of the day of closing.
How does the program work? You must indicate your desire to be covered by our Income Loss Protection Plan prior to the completion of the initial purchase contract. NOTE: The signed Assure Payment Addendum to Purchase Agreement must be prepared at the time of the original contract, approved and signed by the Sellers at the initial signing of the purchase contract.
Who is responsible for this program? There are three parties that have separate-but direct responsibilities. First, the Seller who provides the full amount being escrowed in the Title Company's escrow account. Second, the administrative company, Assure Payment Corp., responsible for overseeing and administering the entire program, including any Buyer Activation Requests, and third, the title company, acting as escrow agent and custodian for the escrowed funds.
Is the Income Loss Protection Plan transferrable? No, it is not transferrable. The program is available to the original mortgagees only.
How do I activate a mortgage payment request? If, within the year coverage period, you are involuntarily terminated, you simply supply verification of your state unemployment acceptance and complete the Activation Request form (Activation Request forms and instructions are provided at closing) Upon approval of the requested Activation, the escrow custodian at the title company will be instructed to make the first mortgage payment to the lender. A new monthly unemployment verification for each subsequent request is required. Payments will stop the month following re-employment.
