Genworth Mortgage Insurance, an operating segment of Genworth Financial and 2018 HousingWire Tech100 winner, recently announced the launch of new home suite designed to preserve borrowers’ financial stability when facing unexpected homeownership costs.
“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,” Genworth Senior Vice President of Customer Solutions Kevin McMahon said.
The program, Home Suite Home, aims to improve borrowers’ ability to remain current on their mortgage payments while maintaining their home and financial stability.
Upon the closing of a mortgage loan with a participating lender, eligible borrowers can select one of three benefits:
- Appliance Home Warranty
- Homeowners Insurance Deductible Reimbursement
- Identity Theft Reimbursement and Restoration Consulting Services
According to the company, the program is particularly important for first-time homebuyers, especially as home prices and monthly mortgage payments become more expensive.
“Given how strongly the housing market has supported the U.S. economy, and the importance of the goal of homeownership, it is critical to not only help borrowers become homeowners, but to help them stay in their homes,” McMahon continued.
“We believe Home Suite Home accomplishes this goal and helps bring our borrowers and lending partners financial peace of mind by defraying some of the unexpected costs of homeownership,” McMahon concluded.