The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently launched a new program that allows home sellers to purchase mortgage protection coverage and offer it as an additional incentive to home buyers who purchase their home.

• The “Home Payment Protection Program” (HPPP) is available through California REALTORS® who offer it to sellers at the time the property is listed. HPPP is optional, is paid for by the seller, and costs either $200 or $275, depending on the amount of coverage the seller elects to purchase.

• The program covers both first-time and repeat buyers for 12 months from escrow closing. If the home buyer loses his or her job as a result of a layoff during the qualified time period, HPPP will pay the buyer up to six monthly payments of up to either $1,000 or $1,500, depending upon the level of coverage the seller chose at the time of the listing.

• The payment for HPPP is made at the time of closing, per the seller’s escrow instructions. HPPP remains on the property for as long as it is listed with the REALTOR® under the original listing contract. The buyer cannot renew, extend, or enhance the coverage under the HPPP, nor purchase it independently.

• Sellers who would like to offer the Home Payment Protection Program should ask for an application from their REALTOR®. REALTORS® can find information about the program and an application at www.cynosurefinancial.com/car.


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