Joint Mortgage Term Life Insurance
Only if they had mortgage insurance.
The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a 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.
Mortgage Insurance protects the LENDER in the event of a foreclosure and will pay any $$$ loss to them....no protection at all for YOU. Mortgage Life will pay-off your mortgage in the event YOU or the covered person dies.
No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.
if the owner of a life insurance policy dies and the policy is on her son. What happens to the ppolicy and is it part of the estate.
The new owner of a life insurance policy if the original owner dies before the insured.
Homeowners insurance covers the house itself should it be damaged. Many of the policies include liability insurance so that if anyone is injured there you have protection. There are some types of mortgage insurance that cover the remaining mortgage should the owner die. But, if the lender does not require it due to a low down payment, one would have to specifically buy that.
There are many things that would make a mortgage insurance premium increase. Mortgage insurance is used when someone dies and pays money so that the mortgage will be paid. Smoking or participating in dangerous activities will increase the premiums.
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.
There are many benefits from getting life insurance mortgage protection. When one dies, if he does not have his mortgage paid life insurance would pay it off so his next of kin could keep the house.