Is your monthly home payment complete?

By
Real Estate Agent with Coldwell Banker Residential, Prescott AZ.

We buy an home and we always have to do what is required.  We set up an escrow account to insure that taxes and home insurance is paid every year.  We do this because our lender requires it!

Lenders raquire you to do this because it protect them, right!

So who is protecting you and your family?  You are, or are you?

I purchased a foreclosure in 2007 and it was sad to learn that the bank owned the home because the ladies husband had died and they did not have life insurance to protect the mortgage.  So who is requiring you to protect your family in the event your not there to pay the mortgage.  Believe me, the bank does not care if your surviving partner loses the home, they just want their money.

Your state requires you to have insurance on your car.  Your car loan requires you to insure the car against damages, so why is there no requirement to protect your home from loss in the event of family trauma.

Oh yes, if you buy FHA or pay less than 20% down on your home, you have to insure the mortgage company with PMI or PPI insurance. 

Buying life insurance for the amount of your home loan is not really something you should consider an option.  You need it.

I believe this so strongly I sell very affordable life home mortgage protection insurance to those who will listen and personally, I think it should be required and placed in escrow, but I do not see that happening.

If you sell a home, the buyer will be receiving offers for insurance, and they need to follow up.  I sell insuance in every state and am licensed currently in Texas and Florida, if anyone needs help, let me know, I build programs to fit the budget and offer return of premium if they do not die.  How many times has your car insurance company given you your money back if you do not have a wreck.  Food for thought.

 

Comments (1)

Paula Denmon
FATHOM REALTY - Red Oak, TX
Real Estate Agent, Galloping to serve YOU

Good point Pete.  I am going to mention this to my buyers from now on... not to coerce  them to buy, but just to make a point of the issues that you have presented.

Apr 10, 2009 06:53 PM