Mortgage life insurance is an insurance policy that is taken out by a home buyer to protect the lender in the event of a death. When a borrower purchases a home, a lender in most cases protects itself with mortgage life insurance on your life. This is commonly the case unless a down payment of at least 20% is made.
Group Mortgage Life Insurance
This group mortgage life insurance payment is based on the original mortgage amount and is paid as part of the monthly mortgage payment until a borrower:
requests it’s removal and the lender accepts the borrower’s proof of value and
has an appraisal that shows that home has increased in value, including improvements to the point that the loan is now 80% of the current house value. These conditions of course vary from lender to lender.
But What About Personal Mortgage Life Insurance?
Mortgage life insurance which you own yourself can make certain your family will be able to stay in the home you are purchasing or have purchased. It will also provide needed stability for your family at a critical time and keep options open for the future. In the event of a primary providers untimely...
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