FOX 4 in Dallas reports of a new "Worry Free Mortgage"

Sounds great right?  It can be in the right situation but there are some things they didn't tell you...

First of all this in not a new program or part of a Government Sponsored Stimulus Package.  This type of Insurance product has been around for quite some time.  It is most notably remembered in the early 2000's when it popped up in California during the dotCOM bubble.

The program featured on FOX was a "single premium" insurance product.  Meaning there is a one time fee for the insurance and it covers a specified period of time, the one featured on FOX was for 2 years and "costs buyers about $500" and will pay "up to $1,800 per month for a maximum of six months"

What they didn't tell you is who is eligible...what the vesting or exemption periods were and how long it takes before the benefit kicks in after the initial job loss.  All of which are very important when making a decision to purchase insurance.

Read More about Worry Free Mortgages

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