MORTGAGE INSURANCE

mortgage insurance

Your home is your biggest investment and upon a tragedy it could become your biggest debt.  Mortgage protection not only eliminates your family’s mortgage debt, but it also protects them from having to change their way of living at a time when they need comfort and stability the most.

Although mortgage insurance may seem like a good idea, it is offered by both lending institutions and insurance companies; however the contracts that are provided by the lending institutions have numerous of restrictions.

 

INDIVIDUAL INSURANCE LENDING  INSTITUTION
WHO RECEIVES THE MONEY?
Money goes to whomever you choose – perhaps your family – and they decide how money is used.  For example:  pay down your mortgage, cover outstanding debts, fund education or retirement plans. Money goes to the lender.  The money can only go towards paying down the mortgage.
WHAT IS MY COVERAGE LIKE?
Choose how long you want your coverage to last.  Your coverage stays the same as you pay down the mortgage and your premiums remain the same You are typically only covered for the mortgage.  The amount of coverage decreases as your mortgage is paid down, but the monthly premium payments do not decrease.
WHO CONTROLS THE POLICY?
You own the policy, giving you control over a variety of options.  It’s unrelated to your mortgage, so it doesn’t matter if you move your mortgage to a different lending institution. The lender typically owns the policy so you can’t move your mortgage insurance to another lending institution.  If you find a better mortgage somewhere else, you have to re-qualify medically for mortgage insurance with the new lender.  This may increase your premiums.
WHAT HAPPENS WHEN I PAY OFF MY MORTGAGE?
Your insurance isn’t tied to your mortgage so your coverage stays with you, and you may have options to adapt the coverage to meet evolving needs. Your insurance coverage ends.

 

Mortgage insurance is meant to offer peace of mind. Most people pay the premiums and think they’re covered. But some have discovered – when it’s too late – that they aren’t.


Math Captcha 73 − 63 =

GET IN TOUCH WITH US TODAY!

Fill out the form and let us know how we can make a customized plan for you!