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Mortgage is in your name spouse dies will mortgage life insurance pay off house?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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Does house insurance cover a mortgage if the holder dies?
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
What if other spouse can not pay mortgage when the other spouse dies?
Then the house needs to be sold.
Do you have to add your spouse to mortgage for refinancing if the house was bought before the marriage?
No
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
Why should one get mortgage insurance protection?
Mortgage insurance protection comes in handy if you happen to lose your job or become disabled. If you die the insurance will pay off your mortgage as well. Basically it depends on how healthy you are and if you want the security of knowing your house will be taken care of if illness falls upon you. Mortgage insurance protection is not necessary.
Does house insurance cover a mortgage if the holder dies?
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
What if other spouse can not pay mortgage when the other spouse dies?
Then the house needs to be sold.
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.
Do you have to add your spouse to mortgage for refinancing if the house was bought before the marriage?
No
What does Mortgage insurance premiums cover?
the house payment
If owner of a house dies does insurance pays off house?
Only if they had mortgage insurance.
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
Can you sell a house without spouse consent in nc?
Yes, you can sell a house without spousal consent it their name isn't on the mortgage. If their name is on the mortgage, you will need their consent.
Is the mortgage on a house pay off upon death?
No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.
Should home insurance be more than home mortgage?
This depends on how much money you are borrowing on a mortgage. If you have a small mortgage, ie you have borrowed very little and are insuring a big house in a high risk area, the home insurance could be higher but generally most people would be spending thousands per year on mortgage and hundreds on house or contents insurance.
Why should one get mortgage insurance protection?
Mortgage insurance protection comes in handy if you happen to lose your job or become disabled. If you die the insurance will pay off your mortgage as well. Basically it depends on how healthy you are and if you want the security of knowing your house will be taken care of if illness falls upon you. Mortgage insurance protection is not necessary.
Can a spouse be added to a house deed when mortgage is in both names?
It depends on the laws of the the jurisdiction. In many cases the bank would have required this to get the mortgage. There may have been a quit claim deed filed with the mortgage.
