Browsing Archive: September, 2013

Is Life Insurance Needed For A Mortgage?

Posted by hadley hadley on Saturday, September 28, 2013, In : Mortgage Life Insurance 

Life insurance is usually not required when getting a mortgage loan on your home unless the down payment is very low, for example, 5% or less.

Then, the borrower is required to buy a type of insurance called "PMI", or Private Mortgage Insurance. This insurance coverage would pay the lender what is owed to them from the outstanding unpaid balance on the mortgage loan in the event of the mortgage borrower's death.

However, many people do use regular term life insurance to prote...


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Why Do I Need Life Insurance With A Mortgage?

Posted by hadley hadley on Monday, September 23, 2013, In : Mortgage Life Insurance 

You may or may not need life insurance with a mortgage.

Your lender may require you to carry mortgage insurance if you are making a low down payment on your home. Mortgage insurance names the lender as beneficiary and the death benefit goes to the lender to pay off your mortgage loan upon your death.

However, you may want to consider mortgage term life insurance if you own a home with a mortgage. Mortgage term life allows you to name your spouse, or anyone you choose, to be...


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