Showing Tag: " mortgage insurance" (Show all posts)

Is Mortgage Term Life Insurance a Good Idea?

Posted by hadley hadley on Wednesday, December 14, 2016, In : Mortgage Life Insurance 

Mortgage loan companies usually offer their clients the option to buy mortgage decreasing term life insurance which guarantees that your mortgage will be paid off in the event of your premature death.

Although the idea behind it sounds good, purchasing mortgage term life insurance is usually not recommended, unless you are in extremely poor health and cannot qualify for life insurance coverage elsewhere. 

Who will benefit from mortgage term life insurance?

Mortgage term life insurance can be th...


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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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