Home Equity Protection Plan

Make a Home Equity Protection Plan Claim

How do I make Home Equity Protection Plan claim?

You can make a claim on your Home Equity Protection Plan when you sell your property or refinance.

If your Home Equity Protection Plan has not expired, you will be advised about it. You will be able to make a claim by clicking "Make a claim on Home Equity Protection Plan" link.

Once you make a claim your Home Equity Protection Plan ends. The payment on your claim will be determined based on the derived property value and your insurnace coverage.

The payment will be deposited into your IRESE account within 3-5 days after a claim is submitted and verified.

How do I determine the amount of my payment on a claim?

Go to "Home > My IRESE > Products > Products" and click the title of the Home Equity Protection Plan you would like to explore. Take me there Once you are on details, select "Make a claim" link.

For example, the Home Equity Protection Plan is for a specific term of 5 years, with an minimum property value of $0.8 million. Home Equity Protection Plan would cover the loss below $0.8 million. Learn how the observed property value is derived.If the observed property value is below $0.8 million, the payment is the difference between $0.8 million and the observed value. For example, if the price is $0.6m, the payment is $0.2m ($0.8 less $0.6).

How do I change my current primary bank account to a different bank account for my payment?

Go to "Home > My IRESE > Account > Bank Accounts" and click "Add Bank Account". Take me there Be sure to have a check from your bank account handy.

If you are adding a second, third, or other subsequent bank account, you will be required to fax a copy of a check or a statement from your account to IRESE so that it can be verified.

When you add a bank account to IRESE requires you to provide the following information:

  • Bank name: Type in the name of your bank exactly as it appears on your check.
  • Account type: Choose whether you are adding a checking or savings account. If you're not sure what type of account you have, contact your bank.
  • Account holder name(s): Enter the full name(s) of the account holder(s) as they would appear on a check or bank statement.
  • Routing number: Type in the routing number that appears on your check in the lower left corner between the symbols (this is the first block of numbers, and will be nine digits long). For more explanation, see below.
  • Account number: Type in the account number that appears on your check (it's the second block of numbers, after the routing number) and before the symbol on your check.
  • Re-type Account number: To verify that you entered a correct account number, please re-type it again.
  • Primary Account: By selecting this option you choose this account as "primary for all automatic transactions" as primary for all automatic transactions.
  • Verify Account Balance: By selecting this option you certify that the bank account specified above has a positive account balance. Please acknowledge positive account balance.

When you add a bank account, we require that you verify ownership of your bank account. Learn more about account verification.

Learn more about managing external accounts.

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