New answer 11/07/08 - if you are talking about private mortgage insurance, yes there are companies that offer PMI that have an option for disability and unemployment coverage.
Add on answer 02/18/2011- You can purchase additional riders for the Mortgage Protection Insurance which is a form of Life Insurance with the premiums to be paid by the company if the owner is disabled or unemployed. Check with your agent first before jumping into any product and ask around.
Yes, you can add unemplyment mortgage protection, as well as disability income benefits to your mortgage insurance policy. A good agent can compare different rates from multiple companies and help you through the process.
Getting a mortgage if you are unemployed is pretty much impossible. Fortunately, there are some mortgage companies that offer unemployment insurance protection. However, you need to be employed first. If you attempt to get a loan without a job, it is pretty much impossible. If you were to get a mortgage, you would have to make a lot on unemployment insurance.
Mortgage life insurance is a specialized insurance policy that is designed to pay off a mortgage loan should the borrower die before it is paid in full. Typically mortgage insurance and other types of credit insurance such as unemployment or disability insurance do not require the same level of physical examinations or other application measures that a private life insurance policy would need. However, they have no cash value and only insure the balance on the loan.
If you have mortgage insurance that covers the reason of your income loss (disability, involuntary unemployment) then the insurance company will pay the premiums according to your policy's benefits schedule. If you don't have mortgage insurance, you can use savings, retirement funds, borrow money, or you can try to negociate your mortgage terms with your lender. Unfortunately, many mortgage clients believe they don't need mortgage insurance and they find themselves forced to file for bankruptcy and lose their home if something happens. The PMI (private mortgage insurance) will protect your mortgage payments and help you keep your home!
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