Traditional mortgage insurance is paid for by the borrower but only protects the bank. MassHousing offers mortgage insurance with MIPlus, a unique benefit that helps our borrowers pay their mortgage if they lose their job.
Program Features
Mortgage Insurance with MIPlus
- Covers principal and interest payments of up to $4,000/month for up to six months
- Can be used for any six months during first 10 years of mortgage (after first six months of mortgage payments)
- Is provided at no additional cost on all loans insured by MassHousing
Since it was launched in 2004, MassHousing has paid more than $7.1 million in benefits on over 7,000 claims to help homeowners remain in their homes after becoming unemployed.
Learn more about MassHousing Mortgage Insurance with MIPlus.