Your Mortgage Your Way mortgage professionals can protect your family and your home through a mortgage life insurance policy; a life insurance policy on you, the homeowner, that will allow your family or dependents to pay off the mortgage on your home should something tragic happen to you.
Mortgage life insurance is meant to protect the family of a homeowner, not the mortgage lender, and should thus not be confused with mortgage default insurance, which lenders require to cover their own assets if you have less than 20% equity in your home.
While the idea of residential security provided for your family is undoubtedly appealing, is this policy necessary to ensure it? No. If your current life insurance policy would already provide your family with the means required, a mortgage life insurance policy would be an unnecessary cost. However, if your passing would lead to financial hardship that would leave your family without the means to pay the mortgage, this type of policy may be a useful option.
When considering and comparing mortgage life insurance policies, it is important to determine that the policy you choose is portable, and is backed by a large organization. A Your Mortgage Your Way mortgage professional will take you through the ins-and-outs of mortgage life insurance, so that, by evaluating what you genuinely require, and the differences in coverage and costs, you may make the best decision for you and your loved ones.