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Which type of insurance is sometimes used to guarantee the payment of a mortgage in case the insured died?
Wiki User
∙ 8y ago
decreasing term insurance...
Flossie Kozey
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How can you find out if your mortgage is insured by fannie may or Freddie mac?
FNMA & FHLMC are not insurers they buy mortgages in the secondary market. FNMA & FHLMC can "own" your mortgage but your mortgage would be insured by a "Private Mortgage Insurance" (PMI) Company.
Is Mortgage Protection Life Insurance a good idea?
Mortgage Protection Life Insurance is a good idea if you want to protect your mortgage. It pays the outstanding balance of your mortgage if the mortgagor (insured person) dies. Mortgage protection life insurance coverage is usually in the form of decreasing term insurance, with the amount of coverage decreasing as the outstanding mortgage debt decreases. Usually, the proceeds of the mortgage protection life insurance are paid to the beneficiary, which is the mortgage company holding the mortgage loan. Some people choose instead to buy level term life insurance in the amount of the mortgage, and the benefits are paid to the insured's beneficiary (family member), who in turn can use the proceeds for any reason, including to pay the mortgage.
What is an insured home loan?
You can buy special life insurance which pays off your home mortgage if you die.Maybe that is what you meant by "insured home loan".
Does your car insurance cover a non-insured driver?
sometimes
Does a second mortgage need to be insured?
If you are referring to "Homeowners" insurance, the second mortgagee should be listed on the policy.
Is Life Insurance Company of the Southwest FDIC insured?
FDIC only insures bank deposits. Insurance company obligations are insured to certain limits by state insurance guarantee boards. If you contact your state insurance department, they can provide you with the limits of that state's coverage.
Who is NOT an insured on a homeowner policy?
The insured's are those specifically named on the insurance policy, Typically the homeowner(s) and dependent children would be construed as the insured's as well as listed lien or mortgage holders. Anyone not named would not be insured
What is term insurance best for?
Insurance might be cover to your life or body or any asset, provided when you have any damage to them, It is financial guarantee the subject that is being insured
Where can you get cheap house insurance?
Many times when you buy a home, your mortgage broker will have a line on reasonable house insurance rates. This is because they cannot finish their sale without it being insured. I would ask your mortgage agent.
Does mortgage insurance pay off mortgage for inheritors?
Mostly, mortgage insurance plans are made to protect the home of the insured, if they fall ill, meet an accident or discontinue their job due to some reasons. Even if they pass away while the mortgage insurance is active, the inheritors don't have to pay for anything and the insurance provider takes care of the pending mortgage debt as that family members can live in their home happily. Hence, the short answer is Yes, they do. If you are willing to know more about mortgage protection insurance, you can visit optinsure.com for the same.
What is mortage insurance?
The term Mortgage Insurance can mean different things to different people and in a variety of situations. I have heard it refer to life insurance designed to pay off a mortgage balance due to death of an insured person. another type of Mortgage Insurance is products such a PMI, which indemnifies a bank or mortgage company in the case of a default on a mortgage loan. In this type of mortgage insurance the person who takes out the loan pays the premiums through their house payments, but will not receive any benefit from the insurance as the only one who gets paid is the bank or mortgage company. The insurance company can then still come after the borrower for the amount of their loss.
just bought a house 1 year ago and they never insured the mortgage now we have to find our own. Where do we look?
You can contact a loan officer regarding purchasing private mortgage insurance.
