Texas Home Lending News

WHAT IS MORTGAGE PROTECTION AND HOW IS IT USED!!!!

July 29th, 2021 9:51 AM by Shawn Smith NMLS#863501

Mortgage protection insurance is a policy that pays off the balance of your mortgage when you die. It's often sold through banks and mortgage lenders and the money goes to pay off your home.

With that said, you’re usually better off with a regular term policy with enough coverage to pay off your mortgage. Then the rest of the money can be used however your family wishes.

They can use the death benefit to pay off the house and keep any leftover cash.

They can also choose to skip paying off the mortgage and use the money as they see fit — it's their money, not the lender's.

The significant benefit of mortgage protection insurance is that it removes some of the burden from your loved ones usually incurred when the primary provider dies.

There’s usually no medical exam to buy a policy.

Call me today for a free quote.

Posted in:insurancePosted in:mortgage protection and tagged: REAL ESTATE MORTGAGE mortgage protection

Posted by Shawn Smith NMLS#863501 on July 29th, 2021 9:51 AM

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Texas Home Lending News

WHAT IS MORTGAGE PROTECTION AND HOW IS IT USED!!!!

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