Click the play button on the video window to the see the storyCall it a recession-proof mortgage.
If you buy a home and lose your job, one Scottsdale-based lender is offering to make payments for you.
"It's designed to give a little relief - a little piece of mind," said Mike Thompkins, a building division manager for State Mortgage.
State Mortgage says it's the first to introduce an idea like the Homeowner Education and Loan Protection Program, or H.E.L.P. for short.
The deal is simple: If you loan or refinance a home with State Mortgage and involuntarily lose your job within two years after starting the mortgage, the company will cover six months of payments with no maximums.
The program is free and only applies to primary residences.
It's one of several recent offers that companies are trying to bring relief during these woeful economic times.
In fact, Thompkins said a similar deal is what gave him the idea.
"During the Super Bowl, I watched the Hyundai car ad and it got the wheels turning," he said. "I thought this is great for everybody, 'Why not do this with the mortgage industry?'"
The Hyundai deal lets you return a recenly purchased car if you lose your job.
And with news of record high forclosures still rising and unemployment rates topping 8 percent, Thompkins said he hopes this takes away some of the worry.
"For the clients who are on edge with the economy or their employment status, hopefully this will give them some easement when buying property," he said.
For more information about the program contact
State Mortgage.
