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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Mortgage insurance?
I received something in the mail about mortgage insurance, it asked me to fill out the card and they will contact me, not sure if it is some scam company but wanted to look into it.
Basically from what I understand this is a mortgage insurance policy that in the event that one of the homeowners dies the surviving home owner has no mortgage.
Does anyone have this? Do you also have a life insurance policy? Is it smart to have both ? Do you mind sharing the cost.
Thanks!
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Posted 8/20/13 8:06 AM  |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Mortgage insurance?
We just took out a large enough Life Insurance policy (one for me, one for DH) to cover the mortgage and other expenses if God forbid one of us were to die.
I didn't like that the Mortgage Life Insurance could only be put to one use. I wanted access to $$ that the surviving spouse could use to do whatever they needed.
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| Posted 8/20/13 11:04 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Mortgage insurance?
Posted by Katareen
We just took out a large enough Life Insurance policy (one for me, one for DH) to cover the mortgage and other expenses if God forbid one of us were to die.
I didn't like that the Mortgage Life Insurance could only be put to one use. I wanted access to $$ that the surviving spouse could use to do whatever they needed.
Same here. I asked our financial advisor about mortgage insurance and she said the same as above poster - better off just having regular life insurance that can be used for any purpose than having ins that can only be used for one specific thing.
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| Posted 8/20/13 2:24 PM |
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