The program helps to alleviate unexpected homeownership costs
Genworth Mortgage Insurance has introduced Home Suite Home, a borrower benefit program designed to help borrowers mitigate unexpected, non-recurring homeownership costs.
The company said the program may improve borrowers' ability to remain current on their mortgage payments while maintaining their home and financial stability. The program is particularly important in a market where home prices are rising and monthly mortgage payments are more expensive, especially for first-time homebuyers, the company said.
Upon closing a mortgage loan with a participating Lender, eligible borrowers who register for the program can select one of three benefits: Appliance Home Warranty, Homeowners Insurance Deductible Reimbursement, or Identity Theft Reimbursement & Restoration Consulting Services.
Genworth is offering the program to its lenders and their eligible borrowers at no cost. The three benefit coverages are underwritten or provided by third parties. Lenders can opt in to the program to access the benefits for their homebuyers. However, Home Suite Home is not available or approved in all states.
"Higher home prices and interest rates have a direct effect on a borrower's monthly mortgage payments, making it more difficult for them to absorb unexpected or non-recurring costs associated with homeownership," said Kevin McMahon, senior vice president of customer solutions at Genworth Mortgage Insurance. "For years, we've played a significant role in helping borrowers become homeowners. Now, with innovative products like Home Suite Home, we're not only able to help them stay in their homes, but also maintain financial peace of mind by defraying some of the unexpected costs of homeownership."
