New program provides up to $650K coverage for line-of-duty deaths
Rate, one of the largest retail lenders in the US, has launched a new program, which offers a complimentary one-year accidental death insurance policy that covers up to $650,000 of their mortgage balance if they pass away in the line of duty.
The program, called 1stResponder+, aims to provide financial security and peace of mind to those working in high-risk roles, including police officers, firefighters, and emergency medical personnel.
Under the program, eligible first responders’ families would be relieved of the burden of paying off their mortgage in the tragic event of a line-of-duty death. The coverage can be combined with Rate’s conventional, FHA, VA, and USDA mortgage products, offering flexibility for first responders who meet program requirements.
“First responders are the backbone of our communities, putting their lives at risk every day to ensure the public’s safety and well-being,” Rate CEO and president Victor Ciardelli said in a Press release. “The 1stResponder+ program is our way of saying ‘thank you’ and ensuring their families are protected, should the unthinkable occur. This initiative reflects our gratitude and respect for these individuals.”
In addition to this program, Rate offers various jumbo, non-QM products, and other mortgage programs.
The company recently expanded its presence in the non-QM market. In 2024, the lender recorded over $2.8 billion in non-QM loans, achieving its best performance in this market to date. A significant part of this growth was driven by its proprietary Edge non-QM suite, which launched in January 2024 and contributed $1.3 billion to the total.
Read next: How can brokers maximize their success in non-QM?
Founded in 2000 and headquartered in Chicago, Rate operates more than 850 branches across all states and Washington, DC. The company has facilitated home loans and refinancing for over two million homeowners.
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