We think Mortgage +Plus by First Heritage Mortgage down payment protection provides a great value for consumers interested in protecting the hard-earned investment in their home. But before you purchase, you should understand what is and is not covered, as well as how much coverage you will have. This FAQ page describes important coverage highlights in the form of answers to commonly-asked questions about Mortgage +Plus. Full coverage exclusions and other details are reflected in the Policy provided to all Mortgage +Plus customers. You may also download a copy of these disclosures for additional information.
For you to receive coverage:
You will not be covered:
Coverage only applies where:
Your pay-out would be the least of the amounts calculated below:
Examples of how this “lesser of” calculation works are provided below under How Does the Policy Payout?
This insurance will not cover:
As an example, assume you buy a home for $100,000 and put 20% (or $20,000) down. In 5 years, you decide to sell. The table below shows how your pay-out would depend on the sale price and the change in the HPI. As the table below shows, you could have:
Your coverage premium may be:
If First Heritage Mortgage pays for your Mortgage +Plus coverage, you may be charged a higher interest rate, which would increase your monthly or periodic loan payments.
*NOTE: Coverage restrictions apply. Please refer to fhmtgplus.com/faq for important information and disclosures on Mortgage +Plus℠ down payment protection and how it works.
Mortgage +Plus by First Heritage Mortgage is distributed by PVI Agency, LLC. PVI Agency, LLC dba ValueInsured is a licensed agency in all 50 states and the District of Columbia, and is not affiliated with First Heritage Mortgage. Terms and conditions of the insurance described herein as Mortgage +Plus, including pricing, are determined solely by the issuer of the coverage and not by First Heritage Mortgage. The description of Mortgage +Plus contained herein should not be considered as a solicitation nor an offer to provide such insurance in any jurisdiction whatsoever where it would be unlawful to do so. Approval of your mortgage loan from First Heritage Mortgage will not be conditioned upon your obtaining Mortgage +Plus down payment protection.