CHARLOTTE, Aug. 8 /PRNewswire/ — Bank of America today announced a mortgage program exclusively for police officers, firefighters, teachers and medical workers with an insurance feature that will repay all or a portion of their outstanding mortgage balance, up to $300,000, in the event of accidental death, permanent paralysis or dismemberment.

Neighborhood Champions(r) Protected Mortgage(tm) 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. This industry-leading mortgage program is available to an estimated 16 million professionals, according to U.S. Census figures.

The significance of these loans extends well beyond protection coverage to basic housing affordability issues, according to Bank of America Consumer Real Estate and Insurance Services Group President Floyd Robinson. He says neighborhood champions are well deserving of these loans.

"Too many Americans in these professions of honor simply cannot find and afford quality housing, especially in metropolitan areas," says Robinson. "Neighborhood Champions Protected Mortgage not only helps these heroes realize the dream of homeownership, but also provides security and peace of mind should tragedy strike." Among the other advantages of Neighborhood Champions Protected Mortgage are the availability of 100 percent financing, competitive loan rates and flexibility on credit scores and credit histories.

The inspiration for Neighborhood Champions Protected Mortgage can be traced directly to Bank of America mortgage customer Adam Pierce, a 26-year- old Orange County, Florida, sheriff's deputy who was seriously wounded by a gunshot while on duty in 2005. Pierce recovered from his wounds but was unable to resume patrol duties. "Adam Pierce embodies what this loan program ought to do, and that is to protect these outstanding professionals," says Robinson, who was directly involved in the development of this innovative program.

"Law enforcement officers and firefighters face the danger everyday that we could be wounded or killed in an instant," Deputy Pierce says. "We understand those dangers and voluntarily put ourselves in harm's way. Neighborhood Champions Protected Mortgage and programs like this give us peace of mind that we would be covered should something happen to us."

Bank of America also has grandfathered more than 8,000 existing Neighborhood Champions borrowers into the program.

The insurance benefit, available in all states and Washington, D.C., provides an Accidental Death and Dismemberment insurance policy for the first two co-borrowers on the loan. All Neighborhood Champions protected mortgage loans, regardless of size, are eligible for insurance. The loan payoff will be based on the loan balance or $300,000, whichever is less, up to the policy maximum of $300,000. Moreover, borrowers do not have to qualify and receive coverage regardless of health status.

The availability of the Accidental Death and Dismemberment coverage is a significant enhancement to the program and is tied directly to concerns among workers in dangerous jobs, such as firefighters and law enforcement personnel, that injury or death on the job could jeopardize the financial stability of the family to keep their home. With low-to-no-down payment and credit guidelines combined, the program also makes it easier for these workers to realize the dream of homeownership.

Additionally, teachers, police officers, firefighters, medical workers and related occupations are eligible to receive a new rate discount on a Bank of America home equity line of credit or home equity loan. This special discount is only available by calling 1.888.870.9459.