I am now receiving all kinds of mail to participate in such a program. I thought I was covered under the FHA but now am not sure.
I have a 15yr fixed re-fi FHA note.
2006-08-18 09:55:17 · 10 answers · asked by Lonnie M 1 in Business & Finance ➔ Insurance
Yes, however not the kind you buy as mortgage insurance. That has a decreasing value (as you pay your mortgage) and a very high price.
Get yourself a cheap, term life insurance policy instead. You can save as much as 10x over the price of the garbage sold as mortgage insurance.
2006-08-18 10:02:13 · answer #1 · answered by Big Ed 4 · 0⤊ 0⤋
You have to be so careful which company you choose because of the small print. Many people have been caught out when they needed help only to find that there was a clause which meant that the insurance company didn't have to pay out.
It most cases it is probably best to take out a non profit life policy for the term of the mortgage with critical illness included. That can be a much cheaper way of covering yourself and your mortgage.
For short term illnesses you could take out a health insurance cover for that but make sure you shop around as there can be a great variation in the fees. Why not try and save some money for a contingency plan? It may be hard to start with but once you get in the habit of putting something away, your fund will start to grow.
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2006-08-19 18:15:29 · answer #2 · answered by AnneMarie C 1 · 0⤊ 0⤋
Mortgage Protection Insurance can provide you with some benifits. Say you were to die suddenly, and you were married and had a family. You are the only wage earner in the house. If you had it, the house would be paid off, and your family won't have to move.
Its always best to have that little extra piece of mind.
Check your FHA note to see if they have a mortgage insurance inplace.
2006-08-18 17:08:00 · answer #3 · answered by John M 3 · 0⤊ 0⤋
If it's required by your lender, they will add the premium to it onto your mortgage payment. This happens if you have less than 20% equity in the house.
DO NOT buy a policy yourself. The face falue goes down as your mortgage balance goes down. You're better off buying term life insurance, because the face value doesn't go down, and it costs a bit less.
2006-08-19 12:06:34 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
It depends on you. Mortgage Protection Insurance pays money towards your home, if something were to happen to you, such as dealth or disability. All Mortgage protection insurance is different, some will pay-off your home in full if you die.
2006-08-18 17:28:01 · answer #5 · answered by B. T 2 · 0⤊ 0⤋
Mortgage Insurance is usually life insurace designed to pay off the loan and or give your family the option to maintain payments. Income insurance is also tied in there some how as well. What you need to ask yourself is what if I loose my income or die, what will happen to the house and family. Hope this helps.
2006-08-19 23:03:28 · answer #6 · answered by tigertiggerii 3 · 0⤊ 0⤋
As far back, the bank usually requires borrowers down 20%, now all kind of interest only, they reuire to have PMI . they lend you money, they need the protection for their invest ment
2006-08-18 17:02:46 · answer #7 · answered by Hoa N 6 · 0⤊ 0⤋
I took their guidance they always have good plans for mortgage etc
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2006-08-18 23:41:20 · answer #8 · answered by Anonymous · 0⤊ 0⤋
We can protect you better,
signed,
Tony Soprano
2006-08-18 17:01:29 · answer #9 · answered by Anonymous · 0⤊ 1⤋
no its not, its just one more way to get money from you.
2006-08-19 09:29:15 · answer #10 · answered by Anonymous · 0⤊ 0⤋