Depends on what insurance is being carried. Most mortgage holders require individuals to purchase insurance to cover the balance if there is less than 15 or 20% equity being held. If you aren't carrying PMI on the mortgage, you could obtain private life insurance that can be used to pay off the mortgage.
PMI has absolutely nothing to do with the death of a home owner. There is no benefit to the PMI in this situation. A Mortgage Life Insurance policy would be of great benefit as it would pay off the mortgage on the house at the death of the homeowner.
You can add your spouse to the mortgage by refinancing in both of your names. Your spouse does have to be credit-worthy. Check with your original lender to see if it can be done simply without a full fee for refinancing.
Could be paid for full term of your entire mortgage or paid off in full.
Mortgage life insurance gives a person a lot of benefits like covering your loan to the bank and mortgage is paid in full, and also the house will be fully repaid and the rest of the family will have peace of mind from making mortgage payments.
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.
PMI has absolutely nothing to do with the death of a home owner. There is no benefit to the PMI in this situation. A Mortgage Life Insurance policy would be of great benefit as it would pay off the mortgage on the house at the death of the homeowner.
You can add your spouse to the mortgage by refinancing in both of your names. Your spouse does have to be credit-worthy. Check with your original lender to see if it can be done simply without a full fee for refinancing.
Could be paid for full term of your entire mortgage or paid off in full.
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
Actually, when both parties sign the mortgage they are each responsible to the bank for the full amount of the loan. Between themselves, they can make any type of arrangement regarding who is responsible for what amount. However, If one party refuses to pay, leaves or dies, the other party will be held responsible for the full amount of the loan.
If both you and your spouse have full medical coverage then the insurance compnay will revert back to your and your spouse's date of birth. Whoever's birthdate is first in a calendar year, then that is the primary insurance. For example, if your birthday is November 1, but your spouse's birthday is February 12, then your spouses insurance is primary for both of you.
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.
Mortgage life insurance gives a person a lot of benefits like covering your loan to the bank and mortgage is paid in full, and also the house will be fully repaid and the rest of the family will have peace of mind from making mortgage payments.
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.
It sounds like your name was on the deed, you mortgaged the property then you conveyed it to your spouse thinking to effect a change in ownership free of the mortgage. You can't do that.A conveyance to defraud your creditor will be "undone" by the court. Also, if you did transfer ownership subsequent to granting a mortgage the transfer is subject to that mortgage. Your bankruptcy won't simply wipe out your mortgage and make the property free and clear since you transferred it to your spouse. In addition, the bank can demand payment in full under the "due on transfer" clause in the mortgage. You have a tangled web and you should consult with an attorney who specializes in bankruptcy.It sounds like your name was on the deed, you mortgaged the property then you conveyed it to your spouse thinking to effect a change in ownership free of the mortgage. You can't do that.A conveyance to defraud your creditor will be "undone" by the court. Also, if you did transfer ownership subsequent to granting a mortgage the transfer is subject to that mortgage. Your bankruptcy won't simply wipe out your mortgage and make the property free and clear since you transferred it to your spouse. In addition, the bank can demand payment in full under the "due on transfer" clause in the mortgage. You have a tangled web and you should consult with an attorney who specializes in bankruptcy.It sounds like your name was on the deed, you mortgaged the property then you conveyed it to your spouse thinking to effect a change in ownership free of the mortgage. You can't do that.A conveyance to defraud your creditor will be "undone" by the court. Also, if you did transfer ownership subsequent to granting a mortgage the transfer is subject to that mortgage. Your bankruptcy won't simply wipe out your mortgage and make the property free and clear since you transferred it to your spouse. In addition, the bank can demand payment in full under the "due on transfer" clause in the mortgage. You have a tangled web and you should consult with an attorney who specializes in bankruptcy.It sounds like your name was on the deed, you mortgaged the property then you conveyed it to your spouse thinking to effect a change in ownership free of the mortgage. You can't do that.A conveyance to defraud your creditor will be "undone" by the court. Also, if you did transfer ownership subsequent to granting a mortgage the transfer is subject to that mortgage. Your bankruptcy won't simply wipe out your mortgage and make the property free and clear since you transferred it to your spouse. In addition, the bank can demand payment in full under the "due on transfer" clause in the mortgage. You have a tangled web and you should consult with an attorney who specializes in bankruptcy.
A mortgage payment calculator will calculate your monthly mortgage payments. You can find a full list of helpful information at: www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
The survivor is automatically the owner of the property and is responsible for the full amount of the mortgage.