Bank of America Launches New Mortgage Program Including Insurance Especially Designed for “Local Heroes”

August 10th, 2007 by Jeannine C

Bank of America has launched the Neighborhood Champions Protected Mortgage Program, which is a new type of mortgage exclusively for police, firefighters, teachers and medical workers.  It includes an insurance component which would pay up to $300,000 of their mortgage balance in case of accidental death, paralysis or dismemberment.  The program also permits little or no down payment and has flexible credit guidelines as well.

The program was inspired by an Orange County, FL, sheriff’s deputy, 26-year-old Adam Pierce, who was shot on duty in 2005.  Following his recovery, he was unable to resume his duties as an officer.  “Adam Pierce embodies what this loan program is out to do, and that is to protect these outstanding professionals,” said Bank of America Consumer Real Estate and Insurance Services Group President Floyd Robinson.  “Too many Americans in these professions of honor simply cannot find and afford quality housing, especially in metropolitan areas.  (This program) also provides security and peace of mind should tragedy strike.”

Bank of America has grandfathered over 8,000 existing borrowers into this program.  Home equity loans are also available.  Some portions of this program may have tax consequences, so be sure to check with your accountant before committing to this type of mortgage.  For more information, call 888-870-9459.

What makes this program special is the Accidental Death and Dismemberment coverage.  Many people purchase a term life insurance policy when they buy their home simply to ensure their family has a place to live in case something should happen.  However the added cost of this policy sometimes proves too much for the limited salaries of government and medical workers.  Now even if something happens to them on the job, their home is safe.

Kudos to Bank of America for this program which helps individuals who have chosen to serve and protect the rest of us.  It is a great idea, and I hope that other companies follow suit, not only in the mortgage industry, but other industries as well.

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Listen to Bank of America Launches New Mortgage Program Including Insurance Especially Designed for “Local Heroes”
Listen to Bank of America Launches New Mortgage Program Including Insurance Especially Designed for “Local Heroes”

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