Mortgage insurance.

[navychief 1]

I applied for my homeowner's insurance today, and the agent brought up the subject of Mortgage Insurance.

 

Although I am in good health now, he explained that should something happen to me, Mortgage Insurance would pay off the house; allowing my wife less financial worries as a result.

 

I was wondering if anyone out there could advise me on this?

 

Thanks.

 

NC

[+Fates 63]

IT's all about money....

 

I personally have mortgage insurance built in to my mortgage. I also have a rider on my insurance in case someone wishes to sue me for everything I own. IE...I'm found liable for an aircraft acident in which it was an aircraft I performed maintenance services on. The rider is for 1 Million dollars and protects me in a lawsuit from taking my house and home. They can touch the policy, and that is all.

 

Things change a little once your retired, and you may need to find out things like disability insurance as well. This is a good insurance to have at any point in life, but as you get older, it becomes more and more probable that you may need it.

 

Disability insurace won't pay off the house, but it will make payments while you are diabled.....and if that turns out to be "Until Death", then...the house is payed for. This type of insurance may be cheaper then actual Mortgage Insuarance.

 

<C>

Fates

[firehawkordy 34]

(here's my chance to give advice to a Chief ;) )

 

By all means at least investigate it. Like fates I have my insurance's built in to my mortgage. Have a lawyer look over everything. There used to be a guy on the radio who gave that bit of advice out often. The reason was if you were going to spend thousands on a home a lawyers fee is a good investment. After listening to horror stories about things happenning after buying a house I had our paperwork and I mean all of it looked over. My lawyer even cought a couple of things and got them fixed before I signed off on the house.

 

Best of luck on the move.

[navychief 1]

Thanks to both of you. I believe I will get Mortgage Insurance; whether I get it from the agent I spoke today or not.

 

Navy Chief

[Scout_51 0]

Disability insurace won't pay off the house, but it will make payments while you are diabled.....and if that turns out to be "Until Death", then...the house is payed for. This type of insurance may be cheaper then actual Mortgage Insuarance.

this makes sense,but it brings up the question..what if one is Retired allready and Becomes disabled?