Toll Brothers Offering Mortgage Protection Plan

Horsham, PA, Feb. 24, 2009--High-end homebuilder Toll Brothers Inc. is offering a mortgage protection plan that will cover a buyer’s mortgage for up to six months if there is a job loss, the company said.

Under the program, Toll buys involuntary unemployment insurance on behalf of buyers who use Toll’s financing subsidiary to close and fund their home loan.

The plan will cover up to six months of mortgage payments, including principle, interest, real estate taxes and homeowner insurance — up to $2,500 per month — if the borrower incurs a job loss within 24 months of closing on the home. There are other requirements, such as buyers can’t have knowledge of a pending job loss at the date of settlement.