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.
If the property was in both your names when your husband signed a mortgage then the bank acquired only his interest, not yours. If he died the bank could foreclose on his half interest only if the mortgage isn't paid.
However, if the property was in your husband's name alone when he mortgaged the property and was later transferred to both your names, the bank could foreclose and take possession of the property if the mortgage isn't paid.
Neither case would be affected by your husband's death. If he dies the property is still subject to the mortgage in either case.
I believe you need a different type of insurance to cover the house if he passes away. Mortgage insurance in Australia will not allow the wife to retain the house in the case of death.
Personally i just bought a home and got the guys at http://vogue-fs.com.au to set up the insurance so that if either my husband or i pass away the house is still ours and the mortgage is payed out in full
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.
Virtually always. Any reputable company holding a mortgage on your house will require you to have homeowner's insurance, at least to the value of the mortgage. The only exception is for a mortgagee with sufficient assets to self-insure.
By providing them with proof that you have already made all repairs.
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.
If your "advisor" was handling all your financial arrangement for the house, AND he negotiated a mortgage to pay for it - then the mortgage company would REQUIRE that there be an insurance policy on the house in order to protect their monetary interest in it.
You AND your husband are the owners of the house. Should you divorce, you have an equal investment in the house. The mortgage is in your husband's name, but should he die, you are responsible for this bill. If you default on the loan, you will foreclose on the house. The mortgage company does not care who pays the loan off, as long as it gets paid.
Only if they had mortgage insurance.
Yes, the husband can rent the house if he has the Mortgage in his name but the Deed of Trust is shared.
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.