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.
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.
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.
Only if you cover that issue when you buy your insurance. It usually costs extra (doesn't everything!) but it insures that the mortgage balance is taken care of
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
The provisions were just made available through the Obama administration. The private mortgage insurance covers job loss and allows the consumer to not only skip a mortgage but also an insurance payment.
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.
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.
Only if you cover that issue when you buy your insurance. It usually costs extra (doesn't everything!) but it insures that the mortgage balance is taken care of
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
Yes.
The provisions were just made available through the Obama administration. The private mortgage insurance covers job loss and allows the consumer to not only skip a mortgage but also an insurance payment.
You need to look into what is called "Estate Planning". Basically, you need a last will and testament to say who gets what, life insurance to cover any debts, taxes or final expenses. You should talk to a financial consultant or insurance broker who is familiar with estate planning. If you still have a mortgage on your home, consider purchasing a mortgage protection insurance policy. Among other coverage benefits, these policies pay off your mortgage in the event of death. I recommend fully researching the benefit of purchasing a policy like this. If your life insurance policy includes enough money for your surviving spouse to make mortgage payments then this extra insurance may be unnecessary.
Generally insurance coverage should be offered to an employees spouse. It does not matter if they are offered coverage from their employer whereas it provides an additional option in case 1 plan is more affordable than the other.
Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.
The only way to remove your spouse is by refinancing the mortgage. Your attorney may be able to assist you in negotiating with the bank.
you just get it for no reason
Look at the HUD-1 executed when you bought the house and look at your annual 1098 that the mortgage company gives you. One or the other will show the insurance premium. If there is no premium, your wife had no credit life insurance.