RICHMOND, Va., Oct. 15, 2018 /PRNewswire/ -- Genworth Mortgage Insurance, an operating segment of Genworth Financial, Inc. (NYSE: GNW), today announced the launch of Home Suite Home, its latest borrower benefit program designed to help preserve borrowers' financial stability when faced with unexpected, non-recurring homeownership costs.
Upon the closing of a mortgage loan with a participating Lender, eligible borrowers who register for Home Suite Home can select one of three benefits: Appliance Home Warranty, Homeowners Insurance Deductible Reimbursement or Identity Theft Reimbursement & Restoration Consulting Services. The program helps to alleviate some unexpected homeownership costs and may improve borrowers' ability to remain current on their mortgage payments while maintaining their home and financial stability. This is particularly important given current market dynamics, where home prices are rising, making monthly mortgage payments more expensive, particularly for first-time homebuyers.
"Higher home prices and interest rates have a direct effect on a borrower's monthly mortgage payments, making it more difficult for them to absorb unexpected or non-recurring costs associated with homeownership," said Kevin McMahon, senior vice president of customer solutions, Genworth Mortgage Insurance. "For years, we've played a significant role in helping borrowers become homeowners. Now, with innovative products like Home Suite Home, we're not only able to help them stay in their homes, but also maintain financial peace of mind by defraying some of the unexpected costs of homeownership."
Home Suite Home is offered at no cost to both Genworth's lenders and their eligible borrowers. Lenders can opt-in to the program to access the suite of benefits for their homebuyers. The three benefit coverages are underwritten or provided by third-parties and subject to terms, conditions and exclusions available on Genworth's website. Home Suite Home is not available or approved in all states. Mortgage lenders interested in learning more about the program should contact their local Genworth Sales representative or visit the Home Suite Home website for more information.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://genworth.ca and http://www.genworth.com.au.
SOURCE Genworth Financial, Inc.