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Yes. You should ask your lender. You should also check out a simple term life insurance policy in the amount of the mortgage. It may be less costly.
Yes. You should ask your lender. You should also check out a simple term life insurance policy in the amount of the mortgage. It may be less costly.
Yes. You should ask your lender. You should also check out a simple term life insurance policy in the amount of the mortgage. It may be less costly.
Yes. You should ask your lender. You should also check out a simple term life insurance policy in the amount of the mortgage. It may be less costly.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoYes. You should ask your lender. You should also check out a simple term life insurance policy in the amount of the mortgage. It may be less costly.
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Is mortgage life insurance a better option than life insurance to pay off mortgage in case of death of spouse?
Impossible to say if mortgage life insurance will yield a higher payout upon one's death than a regular life insurance, it depends upon the face amount of each policy in-force at the time of death. If both death benefits are equal, then one is no better than the other.
Mortgage is in your name spouse dies will mortgage life insurance pay off house?
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
How does mortgage insurance protect a homeowner?
Mortgage insurance protects a homeowner in one of two ways depending upon what type of insurance it is. Mortgage insurance is one of two types. Mortgage life insurance pays off the mortgage in the event of death. Payment protection covers job loss or disability of homeowner.
Do you have to carry mortgage insurance?
No you don't have to, but you would be a fool not to carry enough insurance to cover your mortgage! However, most mortgage lenders do require it, and if so, they will not make the loan if you refuse to carry the mortgage insurance. In that case, the choice is yours.
Who should have mortgage insurance?
Are you referring to mortgage insurance that is added to your monthly payment in case of default? Anyone with an ltv at 80% or greater. Or are you talking about mortgage life insurance? These are two very different things. You only need mortgage life insurance if you do not already have a life insurance policy that is adequate to pay off the mortgage.
Is private mortgage insurance the same as homeowners insurance?
They are not the same. Homeowner's insurance insures the property: dwelling, personal property, other structures on the property, etc. Private mortgage insurance pays the mortgage in case of the death or disability of the mortgagor.
Is mortgage life insurance a better option than life insurance to pay off mortgage in case of death of spouse?
Impossible to say if mortgage life insurance will yield a higher payout upon one's death than a regular life insurance, it depends upon the face amount of each policy in-force at the time of death. If both death benefits are equal, then one is no better than the other.
What kind of insurance would cover a mortgage in the event of a spousal death?
Credit life insurance, Mortgage insurance, or decreasing term insurance.
Mortgage is in your name spouse dies will mortgage life insurance pay off house?
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
How does mortgage insurance protect a homeowner?
Mortgage insurance protects a homeowner in one of two ways depending upon what type of insurance it is. Mortgage insurance is one of two types. Mortgage life insurance pays off the mortgage in the event of death. Payment protection covers job loss or disability of homeowner.
The husband has his name only in the mortgage deed and mortgage insurance if he dies would mortgage company get the house or would the wife?
The mortgage insurance you are referring to is most likely the standard mortgage insurance that is on a loan above 80% of the value of the house. This MI covers the lender in case of the borrower defaulting on the loan. It does nothing to help the borrower. If you are on the deed then you still own the house if your husband dies but if you cannot either refinance the mortgage or continue to pay the monthly payments then the lender will ultimately foreclose on the house and repossess it. What you need is a life insurance policy that will pay off the balance on the mortgage in case of the death of the mortgage holder.
Do you have to carry mortgage insurance?
No you don't have to, but you would be a fool not to carry enough insurance to cover your mortgage! However, most mortgage lenders do require it, and if so, they will not make the loan if you refuse to carry the mortgage insurance. In that case, the choice is yours.
Who should have mortgage insurance?
Are you referring to mortgage insurance that is added to your monthly payment in case of default? Anyone with an ltv at 80% or greater. Or are you talking about mortgage life insurance? These are two very different things. You only need mortgage life insurance if you do not already have a life insurance policy that is adequate to pay off the mortgage.
What is mortage insurance?
The term Mortgage Insurance can mean different things to different people and in a variety of situations. I have heard it refer to life insurance designed to pay off a mortgage balance due to death of an insured person. another type of Mortgage Insurance is products such a PMI, which indemnifies a bank or mortgage company in the case of a default on a mortgage loan. In this type of mortgage insurance the person who takes out the loan pays the premiums through their house payments, but will not receive any benefit from the insurance as the only one who gets paid is the bank or mortgage company. The insurance company can then still come after the borrower for the amount of their loss.
What are the benefits of a mortgage life insurance?
The benefit of a mortgage life insurance is that in the event of the death of the policy holder, your family will receive benefits to pay on the mortgage. You can learn more about this at the Wikipedia.
Does a car insurance cover pay off on car in case of death?
Unless the person died while wrecking the car, no. I believe you are looking for a type of life insurance that pays the loan balance upon death of the owner of the loan and vehicle. This is mortgage life insurance.
Which type of insurance is sometimes used to guarantee the payment of mortgage in case the insurance died?
decreasing term insurance...
