We’ve seen it from car companies, landlords, even JetBlue Airways. Now a St. Louis-area real estate agency is launching a job loss protection program, to help spur sales in this intimidating economy.

The Kelsey Group, based in Ballwin, this week said it will offer 24 months of mortgage protection “to help buyers (via home sellers) make real estate decisions with a greater degree of confidence.”

It works like this, said Kelsey Group principal Kevin Cottrell: The seller contributes an extra $500 or $600 at closing, and if the buyer loses their job within two years, the program will cover mortgage payments of up to $1,800 a month for six months (it can be tapped twice, for up to six months in each 12 month period). It applies to homes listed with The Kelsey Group - either buyers or sellers - or to buyers who work with its agents.

“It’s like a home warranty,” Cottrell said. “But instead, the seller pays.”

The program also includes six months of phone counseling and regular educational newsletters.

Job loss protection programs have become a popular tool for selling big-ticket items in recent months, and some Realtors have dabbled in them. Cottrell said his group is the first St. Louis agency to offer this sort of program (and we haven’t heard about any others). Several national home builders tried them earlier this year, but scaled back marketing of them after results were mixed.

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