Neighborhood Champions® Protected Mortgage®
Program Fact Sheet
The Neighborhood Champions® Protected Mortgage® is a nationwide program designed for teachers,
police officers, firefighters and medical workers. Launched as an enhancement of Bank of America’s
existing Neighborhood Champions mortgage program, which helps those who serve and protect our
communities every day overcome barriers and realize the dream of home ownership, the program now
includes an insurance benefit that provides a full or partial payoff of the mortgage loan in the event of a
covered accidental death, paralysis or dismemberment, with premiums paid by Bank of America.
The inspiration for inclusion of this insurance benefit came from Adam Pierce, a Deputy Sheriff and Bank
of America mortgage customer who was shot in the line of duty and subsequently paralyzed.
Protected - The Neighborhood Champions Protected Mortgage program includes an Accidental Death
and Dismemberment insurance policy for covered accidental loss of life, limb, sight or hearing. All
Neighborhood Champions Protected Mortgage loans, regardless of size, are eligible for insurance up to
the policy maximum of $300,000. Insurance benefits are provided for the first two listed co-borrowers and
include full or partial payoff of the loan depending on the type of loss and the loan balance. The loan
payoff will be based on the loan balance or $300,000, whichever is less. It also includes COBRA
extension of up to $2,500 and Adaptive Home and Vehicle coverage of up to $3,000. This coverage is
provided by Minnesota Life Insurance Company and in New York by Securian Life Insurance Company,
an affiliate of Minnesota Life Insurance Company.
Affordable – Neighborhood Champions Protected Mortgage enables buyers to purchase a home with a
low down payment, making home ownership more affordable to those with limited savings and/or assets
at their disposal. Once any applicable contributions are met from the borrower’s own fund