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 August 12, 2007

Banking Giant Adds Insurance Feature to Their Mortgage Product
Bank of America has announced that it is adding a new feature to its "Neighborhood Mortgage" mortgage loan program. This feature will settle the outstanding balance on mortgage in the event that the client holding the loan is permanently paralyzed or accidentally killed.
This insurance feature was inspired by the shooting incident of an off-duty Florida sheriff's deputy that caused the officer to become paralyzed. Bank of America paid off the officer's mortgage as a result of the incident.

Neighborhood Champion loans, which also feature options as 100% financing, are available to first responders and teachers.

Bank of America confirmed that it will cover the cost of the insurance premiums. Borrowers that opt to purchase this type of coverage separately could expect to pay upwards of $5000 over the life of a 15-year loan of $150,000.

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