I am not generally a Debbie Downer. My first thought is not thinking about the worst. I hate thinking of what would happen if my husband lost his job. Truth is, rarely anyone really thinks about job loss until it is staring you in the face. With company closings, cut backs, and job loss in America at a 15 year high, it forces us to think of the “what ifs” in order to better prepare for the future.
One of the biggest fears accompanied with job loss would be making the mortgage payment each month to bypass being foreclosed on.
Home mortgage payment protection will take some of the “what ifs” out of your life when it comes to job security. We also have home mortgage insurance in place in case something happens to my husband – our homes would be automatically paid off, giving me a huge peace of mind.
What is home mortgage payment protection?
Simply put, home mortgage payment protection is a safety net for your mortgage payment in the event of unprepared job loss or unforeseen sickness. If you ever were to lose your job, your mortgage payment would be covered, thus eliminating the fear of being foreclosed on.
Why do you need a home mortgage payment protection plan?
With the ups and downs of employment, you want to make sure that in the event that the unthinkable does happen, your assets are covered. A home mortgage payment protection plan is not something you can put off for tomorrow. You can not wait until you have enough money. Many protection plans are tax deductible and offer incentives after so many years of service. With all of life’s uncertainties, this is not something you can afford to miss.
So, what is your game plan?
In today’s climate of uncertain job security, do you have a game plan if the worst was to happen? If you lost your job today, do you know how you would pay for bills, sickness, your mortgage? I know with four kids and one on the way, things would be more than a little tight for my family.
Genworth Financial has many options when it comes to home mortgage payment protection. They have options for discounts, assistant programs, and homebuyer privileges. Home mortgage payment protection does not have to be out of your reach. You do not have to worry about tomorrow or always be asking “what if?”
This post is a sponsored post but I am extremely grateful my husband made arrangements for our mortgages to be paid off if anything happened to our steadiest breadwinner. Everyone should make sure they would be covered in case of the worst. Five Minutes for Mom is asking a related question – How is the housing market where you live? Are foreclosures on the rise?
I thought you had to get the mortgage insurance when you took out the mortgage. Am I mistaken about that? I’ve always thought we couldn’t get it afterwards.
I’m not sure about the timing – we did ours at the time of our loan because my husband felt it was really important. I would definitely suggest looking into it when you purchase a new home.
Thanks Angela. I think I’m going to go ask at the bank this week. I’ll try to post here what I find out. Sometimes I assume something for years and it turns out to be false! Or, I guess I’m old enough that sometimes things have changed…Christiane
Thanks for sharing this post Angela. It is so sad how many people in the US have lost their homes in foreclosures. So very scary.