mortgage burner: Any experience with the "Mortgage Burner" concept?
- 06/11/08 07:09 AM
I was just wondering if anyone has had any experience using a concept known by several names, but most commonly called "mortgage burner" ? Generally what happens is that the borrower (usually in the event of joint borrowers, each individual would have their own) applies for and owns a permanent life insurance policy on themselves, atleast equal to the outstanding balance of the loan. Since it is a permanent plan, it builds a tax-deferred cash value (i.e. you can use Universal Life, Variable Universal Life, or even the good, old-fashioned Whole Life, although I personally have almost always used Universal Life exclusively namely because … (0 comments)
I was just wondering if anyone has had any experience using a concept known by several names, but most commonly called "mortgage burner" ? Generally what happens is that the borrower (usually in the event of joint borrowers, each individual would have their own) applies for and owns a permanent life insurance policy on themselves, atleast equal to the outstanding balance of the loan. Since it is a permanent plan, it builds a tax-deferred cash value (i.e. you can use Universal Life, Variable Universal Life, or even the good, old-fashioned Whole Life, although I personally have almost always used Universal Life exclusively namely because … (0 comments)
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