Under the new +Plus Equity Protection program for refinanced mortgages, ValueInsured will reimburse up to the full amount of the homeowner's equity if they need to sell at a loss in the future and market home prices have fallen. ValueInsured already offers home down payment protection through its +Plus Down Payment Protection for homebuyers.
"Like down payments, home equity
represents a large portion of homeowners' savings," ValueInsured CEO Joe Melendez said. "That's why we're excited to expand our mortgage coverage options and now offer equity protection on home refinances. As we continue to attract more lender partners, the addition of coverage for refinances rounds out our offering and protects the vast majority of all home loan
ValueInsured said its new program is available immediately through its current network of retail loan officers, correspondent lenders, and wholesalers nationwide.
Downpayment insurance provider picks up $6.5m funding
More Americans now concerned about housing price correction
ValueInsured has introduced a new offering that would allow homeowners to protect their equity for the future as they refinance their current loans.